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

<p>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.</p><p>Fasset Secures VASP
License </p><p>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. </p><p>Mohammad
Raafi Hossain, the CEO of <a href="https://www.financemagnates.com/cryptocurrency/crypto-gateway-fasset-receives-eu-authorization/" target="_blank" rel="follow">Fasset</a>, emphasized the strategic significance of the
<a href="https://www.financemagnates.com/tag/vara/" target="_blank" rel="follow">VARA</a> 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. </p><p>“The VARA
approval is a crucial link in our global licensing portfolio, connecting places
like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey,” added Hossain.</p><blockquote data-media-max-width="560"><p lang="da" dir="ltr">Fasset receives operational license for digital asset ventures in Dubai</p>— Blockcast AI (@blockcastai) <a href="https://twitter.com/blockcastai/status/1730152714934616098?ref_src=twsrc%5Etfw">November 30, 2023</a></blockquote><p>For many crypto companies, the Middle East, particularly Dubai, is beginning to emerge as a player that could become <a href="https://www.financemagnates.com/forex/why-the-middle-east-could-be-cryptos-next-goldmine/" target="_blank" rel="follow">a new cryptocurrency hub</a>.</p><p>New Investment Round</p><p>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 <a href="https://www.financemagnates.com/terms/r/regulation/">regulation</a> laid the groundwork for compliant frameworks
essential for the UAE's technological advancement.</p><p>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.</p><p>Increasing Wave of Crypto
Firms Settling in Dubai</p><p>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,
<a href="https://www.financemagnates.com/cryptocurrency/gcex-cements-dubai-presence-gains-varas-digital-asset-license/" target="_blank" rel="follow">GCEX</a>, HEX, Crypto.com, and Ripple.</p><p><a href="https://www.financemagnates.com/cryptocurrency/news/cryptocoms-middle-east-presence-solidifies-with-dubai-crypto-licence/" target="_blank" rel="follow">Crypto.com</a>,
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.</p><p>Meanwhile,
<a href="https://www.financemagnates.com/terms/r/ripple/">Ripple</a> has made headlines with the approval of its digital asset XRP <a href="https://www.financemagnates.com/cryptocurrency/ripple-achieves-key-regulatory-milestone-in-dubai-xrp-approved-under-new-crypto-regime/" target="_blank" rel="follow">for usage
within</a> 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.</p>

This article was written by Damian Chmiel at www.financemagnates.com.