Ethereum-Based Fasset Secures Operational License in Dubai for Tokenized Offerings

cryptonews.com:

Digital asset brokerage Fasset FZE has received a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE.

According to the press release, the operational license is the final stage in VARA’s approval process. It authorizes the company to provide digital asset broker-dealer services to retail and institutional investors, in and from Dubai, to a global customer base.

This VASP “is authorised for specific activities and product types,” VARA said on its website. The regulator stresses the importance of checking the full record of the regulated activities the company is allowed to do.

Meanwhile, the company stated that,

“Through its super-app, Fasset aims to provide the next billion with economic opportunity and access to buy, sell, send, store and do more with digital assets such as bitcoin and real-world asset tokens.”

The Fasset Connect’ solution, said the brokerage, positions the company as a catalyst for faster user aquissiton and industry-wide digital transformation, it said.

Fasset will begin a beta launch next month and rollout to customers in January 2024.

Besides the license acquisition, Fasset has announced an investment from alternative asset manager Investcorp.

“The license approval comes at the same time as Investcorp’s investment in Fasset, ahead of its imminent Series B round and highlights growing institutional interest in blockchain technology in the region.”

Fasset did not disclose the potential funding amount.

Many crypto companies are starting to see the Middle East in general and Dubai and particular as an emerging cryptocurrency hub.

Consequently, the VARA license has also become quite attractive. Major companies within the crypto industry received viable