UAE-based Fasset has successfully obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking the final step in the regulatory approval process. This license empowers Fasset to offer virtual asset Broker-Dealer services to both retail and institutional investors globally, positioning it as one of the initial VARA-licensed entities with the ability to cater to a broad customer base.
The issuance of this operational license aligns with Fasset’s overarching goal of connecting GCC-Emerging Market corridors through digital assets. Notably, Fasset distinguishes itself by emphasizing practical applications for a diverse clientele, utilizing digital assets and blockchain technology. The company prioritizes secure cryptocurrencies like Bitcoin and Ethereum, tokenized commodities, precious metals, and stablecoins. Fasset collaborates with corporate entities such as telecommunication companies, digital banks, wallet providers, wealth managers, fintechs, and asset managers to enhance accessibility.
Under its “Fasset Connect” solution, Fasset positions itself as a catalyst for industry-wide digital transformation, facilitating a swift user acquisition process. The company is set to launch a beta version next month, with a full rollout to customers scheduled for January 2024.
Fasset’s CEO, Mohammad Raafi Hossain, expresses the significance of VARA’s approval, emphasizing its role in enabling users across emerging markets to securely access digital assets. The approval, within one of the world’s most progressive regulatory frameworks, strengthens Fasset’s global licensing portfolio, fostering connections between regions like the GCC and Asia for asset transfers.
Fasset’s collaboration with regulators has been pivotal to its strategy, with its founding team having previously worked at the UAE Prime Minister’s Office on emerging technology regulation. The recently secured license coincides with an investment from Investcorp, underscoring the growing institutional interest in blockchain technology within the region.