Fasset, a digital asset investment platform, secured its operating license on November 29 as listed on the Dubai Virtual Asset Regulatory Authority (VARA) website. This license, categorized as a Virtual Asset Service Provider (VASP) license, grants Fasset the legal authority to conduct broker-dealer services in Dubai. The license conditions specify the platform's authorization to serve local institutional investors, "qualified investors," and retail investors within Dubai.
Originally headquartered in London, Fasset has expanded its operations to Indonesia and Dubai. Notably, its services extend to multiple countries, including Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey, as highlighted on its website.
Mohammad Raafi Hossain, the CEO of Fasset, emphasized Dubai's suitability as a hub for cryptocurrency businesses due to VARA's globally recognized licensing standards. Hossain praised the UAE's proactive stance toward blockchain and cryptocurrencies, creating an environment conducive to fostering a thriving cryptocurrency ecosystem while prioritizing investor protection.
Highlighting the significance of the UAE's diverse immigrant community, Hossain underscored the potential utility of cryptocurrencies within this context. He emphasized the profitability and importance of cryptocurrencies in facilitating cross-border value transfers and expressed Fasset's intention to leverage its VARA license to link these individuals to their respective home markets.
VARA, serving as the primary regulator for digital asset regulation in Dubai, recently underwent a leadership transition as it prepares to expand its operations and move towards full market functionality by 2024. Notably, other key players in the cryptocurrency space, such as institutional crypto custodian Hex Trust and prominent companies like Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi, have also received VASP licenses from VARA, indicating a growing interest and investment in the UAE's cryptocurrency landscape. This trend follows the UAE's announcement on November 8 regarding plans to tighten regulations on unlicensed VASPs and impose fines for non-compliance, emphasizing the expectation for reporting transactions by suspicious parties through a designated whistleblowing mechanism from licensed entities in the financial and non-financial sectors.
