Digital asset investment platform Fasset was granted an operational license on Nov. 29, according to a listing on the Dubai Virtual Asset Regulatory Authority (VARA) website.
The Virtual Asset Service Provider (VASP) Licence granted to Fasset allows it to perform broker-dealer services legally in Dubai. The conditions of the license say that the platform is authorized to serve local institutional investors, “qualified investors,” and retail investors.
The company was originally based out of London, though it now operates out of Indonesia and Dubai. Fasset’s website says it also offers services in Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.
Cointelegraph has contacted Fasset for comment and additional information on the development but hasn’t yet received a reply.
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VARA, the issuing regulator, is the “sole authority” for enforcing regulations on virtual assets in Dubai. Earlier in the month, the VARA shuffled around its leadership as it prepared to expand operations and “ramp up to full-scale market operations” in 2024.
On Nov. 15, VARA issued the institutional crypto custodian Hex Trust a VASP license. Regulators in Dubai have also issued MVP or VASP licenses to prominent crypto companies, including Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com and Huobi.
Recently, leadership at Binance said it is considering making the United Arab Emirates a ‘focal point’ for its future operations.
These developments follow an announcement from the United Arab Emirates on Nov. 8 that it plans to tighten its rules on unlicensed VASPs and impose fines on non-compliance.
The new guidance stressed that authorities expect all licensed financial institutions (LFIs), designated non-financial businesses and professions (DNFBPs) and officially licensed VASPs to report transactions from suspicious parties via “whistle-blowing mechanisms.”
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