Fasset Becomes Sixth Crypto Firm to Secure Dubai VARA License in November

The digital asset brokerage Fasset FZE has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). This license marks the culmination of VARA's rigorous approval process and permits Fasset to offer broker-dealer services to a diverse clientele, including both retail and institutional investors, through its web3-based financial services platform.

Fasset Secures VASP License

The company focuses on real-world applications of digital assets supported by blockchain technology. Fasset's offerings include stable cryptocurrencies, tokenized commodities, precious metals, and fiat currencies.

Mohammad Raafi Hossain, the CEO of Fasset, emphasized the strategic significance of the VARA license. He noted that it fortifies Fasset's mission to enable access to digital assets in emerging markets. This approval is pivotal in Fasset's global licensing strategy, facilitating seamless asset transfers across high-traffic remittance corridors from the Gulf Cooperation Council countries to Asia.

“The VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey,” added Hossain.

Fasset receives operational license for digital asset ventures in Dubai

For many crypto companies, the Middle East, particularly Dubai, is beginning to emerge as a player that could become a new cryptocurrency hub.

New Investment Round

Fasset has proactively collaborated with regulatory bodies, a strategy initiated before its establishment in 2019. The founding team's prior engagement with the UAE Prime Minister’s Office in crypto regulation laid the groundwork for compliant frameworks essential for the UAE's technological advancement.

Coinciding with the license acquisition, Fasset has announced an upcoming investment from Investcorp, preceding its Series B funding round. The potential amount of funding was not disclosed. With plans for a beta launch next month and a full rollout in January 2024, Fasset is poised for an impact in the digital asset landscape.

Increasing Wave of Crypto Firms Settling in Dubai

The VARA license is gaining traction among cryptocurrency businesses. Finance Magnates reported on five distinct entities securing authorization from Dubai for crypto operations in November alone. This list includes notable firms such as CFI, GCEX, HEX, Crypto.com, and Ripple.

Crypto.com, through its Dubai branch CRO DAX Middle East FZE, has successfully obtained a VASP license from VARA This license allows for specific virtual asset service activities, marking a significant achievement in the region.

Meanwhile, Ripple has made headlines with the approval of its digital asset XRP for usage within the Dubai International Financial Centre (DIFC). This endorsement by the Dubai Financial Services Authority under the DIFC's virtual assets framework is an important event. It positions XRP as the first virtual asset to receive such recognition.