Fasset is also one of the first VARA-licensed entities authorised to target retail and institutional investors through its web3 app.
Digital asset brokerage Fasset FZE has been granted a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. The operational license is the final stage in VARA’s approval process, which authorises the company to provide virtual asset Broker-Dealer services to both retail and institutional investors in and from Dubai, to a global customer base.
Fasset stands out through its prioritisation of secure and stable cryptocurrencies such as Bitcoin and Ethereum, tokenised commodities and precious metals, as well as tokenised fiat currencies (stablecoins). Fasset also collaborates with corporate entities such as telecos, 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.
Fasset CEO Mohammad Raafi Hossain comments: “Fasset’s focus on enabling people across emerging markets to access to 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. Prior to the company’s establishment in 2019, Fasset’s founding team worked at the UAE Prime Minister’s Office across regulation for emerging technologies and started the initial conversations for crypto regulation plus collaborative frameworks in driving innovation for the UAE.