Secure Digital Assets, Fasset Receives Operational License In Dubai

Fasset (ist)

JAKARTA - Digital asset provider Fasset company has been granted a Full Market Product (FMP) License by Virtual Asset Regulatory Authority (VARA) in Dubai, United Arab Emirates. This acquisition is the last stage in the four-stage VARA approval process that gives the company the authority to provide various services to retail and institutional investors.

With this license, Fasset has the full authority to provide digital asset transaction services in Dubai for its global customers. Fasset excels by prioritizing real-world use, such as cross-border payments and risk-weighted asset (RWA) investments, which are facilitated through digital assets and supported by blockchain technology.

Fasset offers services around digital assets, stablecoins, tokenized commodities such as gold and precious metals, stocks, bonds, and sukuk. Fasset will start the service in the beta version planned for next month and will launch its service to its customers in January 2024.

"The focus of Fasset so that digital assets in emerging markets can be accessed by users is further strengthened by the permission of this VARA. With this permit, it allows Fassets to connect with our users spread around the world, especially those based in the United Arab Emirates. Approval from VARA is an important link for Fasset global licenses in Indonesia, Malaysia, Bangladesh, Pakistan and Turkey," said Fasset CEO Mohammad Raafi Hossain in a media statement, Saturday, December 2.

Not only that, Raafi also added that this license will also provide confidence and security for Fasset users in sending their digital assets such as from the Gulf Cooperation Council (GCC) country to Asia, one of the most active and most widely active digital asset delivery corridors around the world. Fasset users can also store, invest, and develop their assets ethically and sustainably.

Cooperating with regulators in various countries is a key strategy for Fasset. Prior to its establishment in 2019, the founders of Fasset had collaborated with the United Arab Emirates' Prime Minister's Office to discuss technology regulations that continue to grow, digital asset regulations, acknowledging the importance of a suitable and collaborative framework in order to foster innovation.

During its establishment, Fasset also collaborated with several companies from the telecommunications operator industry, digital banks, digital wallet providers, wealth management, fintech, and asset management to improve Fasset accessibility. By implementing this strategy, Fassets can empower the company's digital assets, expand their reach, and expand service reach to a wider market. With the 'Fasset Connect', the Fasset is the main driver of digital transformation for the industry and provides the most efficient method to gain users

This licensing approval comes at the same time as Investcorp's strategic investment ahead of the upcoming Series B round and highlights the interest of institutional investors in developing blockchain technology.