Fasset Receives Approval to Function as Virtual Asset Service Provider in Dubai

By: Eva Baxter

Fasset, a digital asset investment platform originally based in London, has received approval to function as a Virtual Asset Service Provider (VASP) in Dubai. This operational license, granted by the Dubai Virtual Asset Regulatory Authority (VARA), allows the company to perform broker-dealer services legally in the emirate.

The authorization extends to serving local institutional investors, qualified investors, and retail investors, and comes after an earlier issuance of a VASP license to institutional crypto custodian Hex Trust by VARA. This marks an important step for Fasset, which also operates in Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.

The VARA, acting as Dubai’s sole authority for regulations on digital assets, is geared up to boost its operations to full-scale market operations come 2024. This development follows United Arab Emirates’ announcement on November 8 of its plans to tighten rules on unlicensed VASPs and penalize noncompliance.