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Dubai Grants Fasset an Operational License for Cryptocurrencies

Fasset, a cryptocurrency investment platform in Dubai, has obtained an operating license, allowing it to legally offer brokerage and trading services.

The Dubai Virtual Asset Regulatory Authority (VARA) granted the digital asset investment platform Fasset an operational license on November 29th.
Fasset received a Virtual Asset Service Provider (VASP) license from the Dubai government. This license enables the company to offer brokerage and trading services for cryptocurrencies to local institutional investors, qualified investors, and retail investors.

Fasset Company

Fasset company was founded in London, but it now focuses on emerging markets in Southeast Asia and the Middle East. The company offers its services in Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.

Cryptocurrency Companies

Dubai continues to attract cryptocurrency companies, as the regulatory authority in the emirate issued a license for the virtual asset service provider of the institutional cryptocurrency custody company, Hex Trust, on November 15th. Regulatory authorities in Dubai also issued licenses for the minimum viable products or virtual asset service provider licenses for prominent cryptocurrency companies, including Binance, Bybit, Lazer Digital Middle East, OKX, Crypto.com, and Huobi.

Binance is considering making the United Arab Emirates a key center for its future operations. These developments come after the UAE announced on November 8th its tightening of regulations on unlicensed virtual asset service providers and imposition of penalties for non-compliance. Authorities expect all licensed financial institutions, specified non-financial businesses and professions, and officially licensed virtual asset service providers to report suspicious transactions through compliance reporting mechanisms, following the new guidelines.

Read Also: Huboo Secures $36.6M Funding

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