In a noteworthy development for the digital asset investment sector, Fasset, an innovative platform, has successfully secured a Virtual Asset Service Provider (VASP) license to operate in Dubai. This recent accomplishment positions Fasset as a significant player in the region. It enables the platform to serve institutional, qualified, and retail investors. The issuance of this license, documented on Dubai’s public register, signifies the completion of a meticulous three-stage process. It includes a provisional permit, a preparatory license, and ultimately, the coveted operating license.
Strategic Approach of Fasset
Fasset embarked on its journey to obtain a comprehensive operational license in Dubai with a strong commitment to innovation and ethical financing. In 2020, the platform garnered attention by announcing zero-fee trades for users in six Gulf Region countries. Concurrently, it launched what it acclaimed as the “world’s first operating system built on the Ethereum blockchain dedicated to the ethical financing of sustainable infrastructure.” This strategic direction not only positioned Fasset as a leader in the digital asset investment sector but also highlighted its role in integrating blockchain technology for sustainable finance.
Global Expansion and Presence
Beyond its operations in Dubai, Fasset has actively pursued global expansion. The platform has prioritized addressing real-world use cases, catering to a diverse clientele while ensuring compliance with regulatory frameworks. Having secured licenses and authorizations to operate in the European Union, Fasset successfully launched in Indonesia in August. This expansion was marked by a strategic partnership with Mastercard Indonesia, showcasing Fasset’s commitment to collaborating with established financial entities.
Broker-Dealer Services and Tokenized Assets
With the newly acquired license, Fasset FZE is now authorized to provide broker-dealer services. Furthermore, the platform is positioned to offer tokenized bonds and stocks, collaborating closely with Dubai’s Virtual Asset Regulatory Authority (VARA). This strategic move further establishes Fasset as a comprehensive digital asset investment platform.
Mohammad Raafi Hossain, CEO of Fasset, underscored the significance of Dubai’s regulatory approval. He further stated,
“As one of the most progressive regulatory frameworks in the world, the VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.”
This underscores Dubai’s strategic importance as a hub for digital asset innovation and regulatory progress.
Dubai’s Regulatory Framework
Dubai’s Virtual Assets Regulatory Authority (VARA) has emerged as a proactive regulator. It has been setting deadlines for crypto firms to finalize their applications under the new regulatory framework. With a directive mandating completion by Nov. 17, VARA aims to streamline the registration process for Virtual Asset Service Providers (VASPs). Failure to meet this deadline activates enforcement mechanisms, underscoring Dubai’s commitment to fostering a compliant and secure digital asset ecosystem.
Fasset’s attainment of an operational license in Dubai is a testament to its dedication to innovation, compliance, and ethical financial practices. As the platform continues to forge strategic partnerships and expand its global reach, it establishes a precedent for digital asset investment platforms navigating intricate regulatory landscapes.