The digital asset brokerage Fasset FZE has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). This license marks the culmination of VARA's rigorous approval process and permits Fasset to offer broker-dealer services to a diverse clientele, including both retail and institutional investors, through its web3-based financial services platform.

Fasset Secures VASP License

The company focuses on real-world applications of digital assets supported by blockchain technology. Fasset's offerings include stable cryptocurrencies, tokenized commodities, precious metals, and fiat currencies.

Mohammad Raafi Hossain, the CEO of Fasset, emphasized the strategic significance of the VARA license. He noted that it fortifies Fasset's mission to enable access to digital assets in emerging markets. This approval is pivotal in Fasset's global licensing strategy, facilitating seamless asset transfers across high-traffic remittance corridors from the Gulf Cooperation Council countries to Asia.

“The VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey,” added Hossain.

Fasset receives operational license for digital asset ventures in Dubai

— Blockcast AI (@blockcastai) November 30, 2023

For many crypto companies, the Middle East, particularly Dubai, is beginning to emerge as a player that could become a new cryptocurrency hub.

New Investment Round

Fasset has proactively collaborated with regulatory bodies, a strategy initiated before its establishment in 2019. The founding team's prior engagement with the UAE Prime Minister’s Office in crypto regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term laid the groundwork for compliant frameworks essential for the UAE's technological advancement.

Coinciding with the license acquisition, Fasset has announced an upcoming investment from Investcorp, preceding its Series B funding round. The potential amount of funding was not disclosed. With plans for a beta launch next month and a full rollout in January 2024, Fasset is poised for an impact in the digital asset landscape.

Increasing Wave of Crypto Firms Settling in Dubai

The VARA license is gaining traction among cryptocurrency businesses. Finance Magnates reported on five distinct entities securing authorization from Dubai for crypto operations in November alone. This list includes notable firms such as CFI, GCEX, HEX, Crypto.com, and Ripple.

Crypto.com, through its Dubai branch CRO DAX Middle East FZE, has successfully obtained a VASP license from VARA This license allows for specific virtual asset service activities, marking a significant achievement in the region.

Meanwhile, Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term has made headlines with the approval of its digital asset XRP for usage within the Dubai International Financial Centre (DIFC). This endorsement by the Dubai Financial Services Authority under the DIFC's virtual assets framework is an important event. It positions XRP as the first virtual asset to receive such recognition.