Cryptocurrency investment platform Fasset obtains operational license in Dubai | CoinDesk JAPAN

Fasset, a crypto asset (virtual currency) investment platform, has received a crypto asset service provider (VASP) license in Dubai, allowing it to provide services to institutional, accredited, and individual investors. This was revealed in the Dubai registry.

There are three stages to obtaining a regular license: provisional license, preparatory license, and business license. Fasset FZE has completed the third phase and will now be in a position to provide broker-dealer services and offer tokenized bonds and equities in close collaboration with Dubai’s Crypto Assets Regulatory Authority (VARA).

In 2020, Fasset announced that it would offer zero-fee transactions to users in six countries in the Gulf region, creating the world’s first operating platform built on the Ethereum blockchain dedicated to ethical financing of sustainable infrastructure. We set up what we call a system.

Since then, the company has focused on prioritizing real-world use cases for a wide range of customers and building compliant remittance corridors. It received licenses and approvals in the European Union (EU) and launched its services in Indonesia in partnership with Mastercard Indonesia in August.

“With one of the most advanced regulatory frameworks in the world, the VARA authorization is an important link in our global licensing portfolio, connecting countries such as Indonesia, Malaysia, Bangladesh, Pakistan and Turkey,” said Fasset. CEO Mohammad Raafi Hossain said.

Facet’s founding team previously worked in the Prime Minister’s Office of the United Arab Emirates (UAE), where they launched initial efforts to regulate crypto assets.

At the time of the COVID-19 pandemic, Fasset was headquartered in London, but has since expanded to have dual headquarters in Indonesia and Dubai.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Digital Asset Investment Platform Fasset Wins Operational License in Dubai