UAE-based Fasset Secures VASP Operational License from Dubai’s Virtual Asset Regulatory Authority and Announces Strategic Investment Round
- License cements Fasset’s vision to connect GCC-Emerging Market corridors via digital assets
- First VARA-licensed entity authorized to target retail customers as well as institutional investors through its web3-based financial services super-app
- Secures Strategic Investment from Investcorp’s Blockchain Fund
DUBAI, UAE — NOVEMBER 28, 2023 — Digital asset brokerage Fasset has been granted its Full Market Product license (FMP) by the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. The acquisition is the final stage in VARA’s four-stage approval process that authorizes the company to provide the broadest range of services to both retail and institutional investors.
The FMP license gives Fasset full permission to conduct virtual asset brokerage services out of Dubai for customers globally. Fasset stands out by prioritizing real-life use cases for a wide range of customers such as cross-border payments and RWA investments, facilitated through digital assets and underpinned by blockchain technology. Its comprehensive offering spans cryptocurrencies, stablecoins, tokenized commodities like gold and precious metals, as well as tokenized stocks, bonds, and sukuk. Fasset will begin a beta next month and rollout to retail customers in January 2024.
Fasset CEO Mohammad Raafi Hossain comments: “Fasset’s focus on enabling people across emerging markets to access to digital assets is bolstered with this permission from VARA, allowing us to connect our diaspora user base - many of whom are based in the UAE - with their home markets. 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. It will enable Fasset users to confidently and securely send their assets from regions such as the GCC to Asia, one of the most lucrative and active remittance corridors in the world, while also enabling our users to save, invest, and grow their wealth in a sustainable and ethical way. ”
Working hand in hand with regulators across markets has been central to Fasset’s strategy. Prior to the company’s founding in 2019, Fasset’s founding team worked in the UAE’s Prime Minister’s Office on regulation regarding emerging technologies and early discussions around crypto regulation, realizing the importance of compliant, collaborative frameworks in driving innovation. Fasset also collaborates with corporate entities such as telecos, digital banks, wallet providers, wealth managers, fintechs, and asset managers to increase its accessibility. This strategy enables Fasset to power these partners' digital asset propositions, extending their reach and enhancing their offerings to a wider client base. Its “Fasset Connect'' solution positions Fasset as a catalyst for industry-wide digital transformation and a faster way to acquire users.
The license approval comes at the same time as a strategic investment from Investcorp, ahead of its imminent Series B round and highlights growing institutional interest in blockchain technology in the region.
For media inquiries, please contact: fasset@wachsman.com
Fasset CEO Mohammad Raafi Hossain is available for interview
About Fasset
Fasset is the leading digital asset investment platform for emerging markets, dual headquartered out of the UAE and Indonesia. Through its super-app, Fasset aims to provide the next billion with economic opportunity and access to buy, sell, send, store and do more with digital assets such as bitcoin and real-world asset tokens. Fasset brings frictionless access to digital assets, providing people in frontier markets with the knowledge and the tools to build a better future.
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