Fasset Fintech secures Dubai virtual assets licence

Posted by Lea Hogg Posted: Jan 03, 2024

In a significant move towards expanding access to digital assets, Fasset, the digital asset investment platform, has successfully secured its Virtual Asset Service Provider (VASP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE.

This regulatory milestone empowers Fasset to offer Web3-based financial services to both retail and institutional investors, to develop compliant remittance corridors. This will enable the company issuance of tokenized bonds and stocks.

Real-life use cases and strategic collaborations

Distinguishing itself in the competitive fintech landscape, Fasset prioritizes real-life use cases for a diverse customer base, utilizing digital assets and blockchain technology. The platform focuses on secure and stable cryptocurrencies, including top-tier blockchain native assets like Bitcoin and Ethereum, tokenized commodities, precious metals, and stablecoins. Collaborating with corporate entities such as digital banks, wallet providers, wealth managers, fintechs, and asset managers, Fasset’s ‘Fasset Connect’ solution positions the platform as a catalyst for industry-wide digital transformation and a rapid user acquisition strategy.

Institutional backing for further expansion

With licences and authorizations spanning from the European Union to Southeast Asia, Fasset’s recent VASP licence approval in Dubai enhances its capability to conduct virtual asset brokerage services within the region.

The platform plans to initiate a beta launch next month, gearing up for a customer rollout in January 2024. The strategic collaboration with regulators across markets has been a cornerstone of Fasset’s approach, rooted in the founding team’s prior experience at the UAE Prime Minister’s office in shaping regulations for emerging technologies.

The recent Investcorp investment, preceding its upcoming Series B round, illustrates the growing institutional interest in blockchain technology in the region, signalling a promising trajectory for Fasset’s innovative endeavours.