Financial news

Digital asset investment platform, Fasset, has secured its Virtual Asset Service Provider (VASP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. The licence ensures the platform can now provide Web3-based financial service offerings to both retail and institutional investors and will work closely with regulators to provide tokenised bonds and stocks.

Fasset is creating compliant remittance corridors, having secured licences and authorisations to operate from the European Union to Southeast Asia. After securing the VASP licence from VARA in Dubai, Fasset has full permission to conduct virtual asset brokerage services within the region.

The digital asset investment platform aims to stand out by prioritising real-life use cases for a wide range of customers, facilitated through digital assets and underpinned by blockchain technology. Fasset prioritises secure and stable cryptocurrencies such as top-tier blockchain native assets (Bitcoin, Ethereum), tokenised commodities and precious metals as well as tokenised fiat currencies (stablecoins).

Fasset also collaborates with corporate entities such as digital banks, wallet providers, wealth managers, fintechs, and asset managers to increase its accessibility. Its ‘Fasset Connect’ solution positions Fasset as a catalyst for industry-wide digital transformation and a faster way to acquire users.

The firm plans to begin a beta launch next month and roll out to customers in January 2024.

‘Enabling people across emerging markets to access digital assets’

Mohammad Raafi Hossain, CEO of Fasset, commented: “Fasset’s focus on enabling people across emerging markets to access digital assets is bolstered with this permission from VARA.

“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. Before the company’s establishment in 2019, Fasset’s founding team worked at the UAE Prime Minister’s office across regulation for emerging technologies and engaged in the initial conversations for crypto regulation, realising the importance of compliant, collaborative frameworks in driving innovation for the UAE.

The license approval comes at the same time as Investcorp’s investment in Fasset, ahead of its imminent Series B round and highlights increasing institutional interest in blockchain technology in the region.