Quick Take
Fasset, the digital asset brokerage, has secured a Virtual Asset Service Provider (VASP) license from Dubai’s VARA, coinciding with a strategic investment from Investcorp. This achievement highlights growing institutional interest in blockchain technology in the region. Fasset aims to empower emerging markets by facilitating access to digital assets and plans to roll out its services in January 2024 following a successful beta launch next month.
Fasset Secures VASP License in Dubai Amidst Growing Blockchain Interest
Fasset, a prominent digital asset brokerage, has been granted a Virtual Asset Service Provider (VASP) license by the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. The timing of this milestone coincides with Investcorp‘s strategic investment in Fasset as the company prepares for its imminent Series B funding round. These developments underscore the burgeoning institutional interest in blockchain technology within the region.
Fasset is focused on creating compliant remittance corridors, having secured licenses and authorizations to operate from the European Union to Southeast Asia. Now, Fasset has full permission to conduct virtual asset brokerage services out of Dubai, enabling the UAE-based company to connect one of the most lucrative and active remittance corridors in the world through emerging markets across the Middle East and Asia.
This license follows Fasset’s launch in Indonesia in August, where it partnered with Mastercard Indonesia and telco giant Indosat Ooredoo Hutchison to bring its super app to millions, enabling users in emerging markets to invest in digital assets with real-world value.
Fasset, with dual headquarters in the UAE and Indonesia, stands at the forefront of digital asset investment platforms for emerging markets. Through its innovative super-app, the company is on a mission to extend economic opportunities to the next billion by facilitating the buying, selling, sending, storing, and utilizing of digital assets, including cryptocurrencies like Bitcoin, Ethereum, and real-world asset tokens. By offering frictionless access to digital assets, Fasset empowers individuals in frontier markets with both knowledge and tools to forge a brighter financial future.
What sets Fasset apart is its unwavering commitment to practical real-life use cases, all enabled by blockchain technology. The platform prioritizes secure and stable cryptocurrencies, including leading blockchain native assets like Bitcoin and Ethereum, tokenized commodities, precious metals, and even tokenized fiat currencies, such as stablecoins.
To enhance accessibility further, Fasset collaborates closely with a diverse range of corporate entities, including telecom operators, digital banks, wallet providers, wealth managers, fintech firms, and asset managers. Its groundbreaking “Fasset Connect” solution positions the company as a catalyst for industry-wide digital transformation and a faster means to acquire new users.
Fasset’s CEO, Mohammad Raafi Hossain, welcomes VARA’s approval, emphasizing its pivotal role in empowering individuals across emerging markets.
Raafi mentioned that VARA’s license strengthens Fasset’s global licensing portfolio, connecting regions like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
According to Raafi, Fasset users can now confidently transfer assets from the GCC to Asia, enabling sustainable and ethical wealth growth in one of the world’s busiest remittance corridors.
Fasset’s proactive engagement with regulatory authorities has been a central pillar of its strategy. Prior to its establishment in 2019, the founding team worked within the UAE Prime Minister’s Office, focusing on regulating emerging technologies and initiating discussions on crypto regulation. Recognizing the importance of compliant and collaborative frameworks, they paved the way for innovation in the UAE.
The operational license granted by VARA marks the final step in the authority’s approval process. This license authorizes Fasset to provide virtual asset Broker-Dealer services to both retail and institutional investors, both within and outside Dubai, serving a global customer base.
As part of its roadmap, Fasset plans to launch a beta version next month and roll out its services to customers in January 2024. This marks a pivotal moment for Fasset as it continues to drive blockchain adoption, financial inclusion, and innovation in the Middle East and beyond. With the support of Investcorp and VARA’s regulatory approval, Fasset is well-positioned to play a crucial role in shaping the future of digital finance in the region.
Read Also: Fasset’s Super-App Transforms Digital Assets Investing in Emerging Markets