Dubai’s VARA grants Fasset VASP license, enabling Web3 financial services and collaboration for tokenized assets.
The Virtual Asset Regulatory Authority (VARA) in Dubai, United Arab Emirates, has granted the digital asset investment platform Fasset a Virtual Asset Service Provider (VASP) license. With the license, the platform can now offer Web3-based financial services to institutional and individual clients. Additionally, the platform will collaborate closely with regulators to offer tokenized stocks and bonds.
Fasset, which has obtained licenses and authorizations to operate from the European Union to Southeast Asia, is establishing compliant remittance corridors. With the VASP licence obtained from VARA in Dubai, Fasset is fully authorized to provide virtual asset brokerage services in the area.
The goal of the digital asset investing platform is to differentiate itself by giving priority to practical use cases that benefit a broad spectrum of clients and are supported by blockchain technology and digital assets. Secure and stable cryptocurrencies, like top-tier blockchain native assets like Bitcoin and Ethereum, tokenized commodities and precious metals, and tokenized fiat currencies like stablecoins, are given priority by Fasset.
In order to make itself more accessible, Fasset also works with businesses including asset managers, wealth managers, fintechs, digital banks, and wallet providers. Fasset presents itself as a driver of the digital revolution of the industry and a quicker means of user acquisition with its “Fasset Connect” solution.
The company intends to start a beta launch the following month and go live for clients in January 2024.
“Enabling access to digital assets for people in emerging markets”
The CEO of Fasset, Mohammad Raafi Hossain, stated: “This authorization from VARA strengthens Fasset’s focus on enabling people across emerging markets to access digital assets.”
With the VARA clearance, one of the most progressive regulatory systems globally, we are able to connect countries such as Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey with our worldwide licensing portfolio.
“It will allow Fasset users to save, invest, and grow their wealth in a sustainable and ethical way, as well as send their assets from regions like the GCC to Asia, one of the most lucrative and active remittance corridors in the world.”
Integrating closely with authorities in all markets has been a key component of Fasset’s approach. The founding team of Fasset realized the value of cooperative, compliant frameworks in fostering innovation for the UAE while working at the UAE Prime Minister’s office overseeing regulations for emerging technologies and participating in the initial discussions surrounding cryptocurrency regulation prior to the company’s founding in 2019.
Ahead of its upcoming Series B round, Investcorp invested in Fasset concurrently with the license approval, indicating growing institutional interest in blockchain technology in the area.