On Nov 29, Fasset, the digital asset investment platform, received official approval with an operational license, as indicated in the Dubai Virtual Asset Regulatory Authority (VARA) website listing in the burgeoning crypto landscape.
Fasset has been issued a Virtual Asset Service Provider (VASP) License, enabling it to provide broker-dealer services legally in Dubai. However, the license terms specify that the platform can cater to local institutional investors, “qualified investors,” and retail investors.
Initially headquartered in London, the company has shifted its operations to Indonesia and Dubai. According to Fasset’s website, the platform extends its services to Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
VARA, the regulatory body responsible for the issuance, holds the exclusive authority to enforce regulations concerning virtual assets in Dubai. Earlier this month, VARA underwent a leadership reshuffle in anticipation of expanding operations and gearing up for full-scale market operations in 2024.
UAE Ramps Up Crypto Oversight: Licensing Surge Includes Binance, Bybit, & Hex Trust
However, On Nov 15, VARA granted a VASP license to the institutional crypto custodian Hex Trust. Regulatory authorities in Dubai have similarly issued MVP or VASP licenses to well-known cryptocurrency firms such as Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi.
Binance’s leadership has recently considered making the United Arab Emirates a strategic focal point for its upcoming operations.
These events come in the wake of an announcement by the United Arab Emirates on Nov 8 detailing its intentions to enhance regulations on unlicensed Virtual Asset Service Providers (VASPs) and implement fines for non-compliance.
The latest directives emphasize the expectation for all licensed financial institutions (LFIs), designated non-financial businesses and professions (DNFBPs), and officially licensed Virtual Asset Service Providers (VASPs) to report transactions involving suspicious parties through “whistle-blowing mechanisms.”
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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