Fasset Gains Dubai Approval for Ethereum Token Services

Fasset Gains Dubai Approval for Ethereum Token Services


In a significant move for the crypto world, digital asset brokerage Fasset FZE has just received a game-changing Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. This milestone marks a pivotal moment for Fasset, granting it the authority to extend its broker-dealer services in digital assets to both retail and institutional investors globally, directly from the bustling hub of Dubai.

VARA, emphasizing the critical nature of its regulatory role, encourages stakeholders to thoroughly understand the extent of activities Fasset is authorized to undertake. Meanwhile, Fasset is gearing up to revolutionize the digital asset space with its ‘super-app.’ This innovative platform is designed to open up a world of economic opportunities for its users, providing a seamless experience in buying, selling, sending, storing, and engaging with a variety of digital assets, including popular cryptocurrencies like Bitcoin and Ethereum, as well as real-world asset tokens.

Fasset’s ambition doesn’t stop there. The company is keen on being a driving force in the digital transformation of the industry, as evidenced by its ‘Fasset Connect’ solution. This initiative aims to catalyze rapid user acquisition and a broader digital shift within the sector.

The buzz around Fasset is only growing, with a beta launch scheduled for next month and a full rollout to customers set for January 2024. Adding to the excitement is the announcement of a strategic investment from alternative asset manager Investcorp. This move not only aligns with Fasset’s impending Series B funding round but also underscores the increasing institutional interest in blockchain technology in the Middle East region. While the exact figures remain under wraps, the potential influx of funds promises to bolster Fasset’s growth trajectory significantly.

Dubai is quickly emerging as a hotbed for cryptocurrency innovation, drawing the attention of numerous crypto companies worldwide. The VARA license has become a coveted asset in this dynamic landscape, with major players like Binance, Bybit, Ripple, Crypto.com, OKX, and Huobi already securing their spots in this burgeoning market.

Fasset’s CEO, Mohammad Raafi Hossain, underscores the significance of this development, highlighting the role of VARA’s progressive regulatory framework in reinforcing Fasset’s mission to democratize access to digital assets across emerging markets. With a focus that extends to countries like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey, Fasset is poised to bridge these markets with innovative blockchain solutions.

Established in 2019, Fasset has roots in both the UAE and Indonesia. Its founding team, boasting prior experience in the UAE Prime Minister’s Office, has been instrumental in shaping regulations for emerging technologies. This early involvement in crypto regulation discussions has given Fasset a unique edge in navigating the complex regulatory landscape.

Fasset’s platform isn’t just about trading digital assets; it’s about creating real-life applications and solutions powered by blockchain technology. The firm emphasizes the security and stability of cryptocurrencies, giving priority to well-established names like Bitcoin (BTC) and Ethereum (ETH), along with stablecoins and tokenized commodities.

To maximize its reach and impact, Fasset collaborates with a diverse array of corporate partners, including telecom companies, digital banks, wallet providers, wealth managers, fintech firms, and asset managers. This network of partnerships is key to Fasset’s strategy of making digital asset services accessible and mainstream.

In summary, Fasset’s recent licensing victory in Dubai is a testament to the growing acceptance and integration of cryptocurrency and blockchain technologies in the global financial landscape. This milestone not only enhances Fasset’s capacity to serve a broader market but also solidifies Dubai’s status as a leading crypto hub. As Fasset and its peers continue to innovate and expand, the future of digital assets looks brighter and more accessible than ever.


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