Digital asset investment platform Fasset has been granted a Virtual Asset Service Provider (VASP) license from regulators in Dubai, allowing it to operate legally in the emirate.
Fasset’s VASP license enables the organization to conduct broker-dealer services in Dubai legally. The license conditions permit the platform to cater to retail, ” qualified,” and local institutional investors.
Founded in London, the organization presently maintains operations in Dubai and Indonesia. Furthermore, services are available on the Fasset website for Turkey, Indonesia, Malaysia, Bangladesh, and Pakistan.
VARA, the issuing regulator, exercises exclusive jurisdiction over enforcing digital asset regulations in Dubai. The VARA implemented leadership reorganizations in early November in anticipation of expanding operations and “ramping up to full-scale market operations” in 2024.
The VARA issued a VASP license to the institutional cryptocurrency custodian Hex Trust on November 15. Prominent cryptocurrency companies like Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi have gained minimal viable product (VASP) licenses from Dubai regulators.
Binance recently stated that the United Arab Emirates is considered a “focal point” for its future operations.
Following an announcement on November 8 by the United Arab Emirates that it intends to impose penalties for noncompliance with regulations regarding unlicensed VASPs, these developments have transpired.
The new guidance emphasized that all officially licensed VASPs designated non-financial businesses, professions, and licensed financial institutions must report suspicious transactions through “whistle-blowing mechanisms.”
