Fasset, a digital asset investment platform, has won a license to operate in Dubai as a Virtual Asset Service Provider (VASP), allowing it to serve institutional, qualified, and retail investors, Dubai's public register shows.
Receiving a full license involves three stages: a provisional permit, a preparatory license, and an operating license. Fasset FZE has completed the third stage and will be in a position to provide broker-dealer services and provide tokenized bonds and stocks in close collaboration with Dubai's Virtual Asset Regulatory Authority (VARA) in the future.
In 2020, Fasset announced it would offer zero-fee trades to users in six countries in the Gulf Region and launched what it called the world’s first operating system built on the Ethereum blockchain dedicated to the ethical financing of sustainable infrastructure.
"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," said Fasset CEO Mohammad Raafi Hossain.
Fasset's founding team previously worked at the United Arab Emirates Prime Minister’s Office, starting the initial conversations for crypto regulation.
During the COVID-19 pandemic, Fasset was headquartered in London but it has since become dual-headquartered in Indonesia and Dubai.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.