Fasset Secures Broker-Dealer License from Dubai's VARA to Advance Digital Investment Services
Summary:
Digital investment platform Fasset has been granted an operational license by the Dubai Virtual Asset Regulatory Authority (VARA), allowing it to legally execute broker-dealer services in Dubai. The company, which operates from Indonesia and Dubai, is now authorized to serve local institutional investors, retail buyers, and "qualified investors." Fasset's licensing is part of VARA's broader efforts to enforce virtual asset regulations, with plans for full-scale operations by 2024.
Digital investment platform Fasset received its operational license on November 29, as validated by the Dubai Virtual Asset Regulatory Authority (VARA)'s website listing. Fasset, now a licensed Virtual Asset Service Provider (VASP), is officially authorized to manage broker-dealer services in Dubai. This license mandates Fasset to cater to local institutional investors, retail investors, and "qualified investors." Although Fasset was initially headquartered in London, the business is currently operating from Indonesia and Dubai. Services are also extended to Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey, as indicated on the Fasset website. Fasset has been contacted by Cointelegraph for their opinion and more details, but a response has not yet been received.
Related: Venture arm of Standard Chartered plans to launch UAE-based crypto fund
VARA, the issuer for this license, holds the exclusive power to regulate virtual assets in Dubai. In preparation for expanding and launching "full-scale market operations" by 2024, VARA restructured its leadership earlier this month. On November 15, the institutional crypto custodian, Hex Trust, was also issued a VASP license by VARA. Major cryptocurrency companies like Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi have been granted MVP or VASP licenses by Dubai regulators.
Binance leaders recently announced their intention to make the United Arab Emirates the primary hub for upcoming ventures. All of these activities followed the UAE's declaration on November 8 about introducing stricter rules for unlicensed VASPs and levying penalties for non-adherence. The updated rules emphasized that authorities expect all officially licensed VASPs, Licensed Financial Institutions (LFIs), and Designated Non-Financial Businesses and Professions (DNFBPs) to report dubious transactions via "whistleblowing mechanisms."
Magazine: Exclusive: Two years past John McAfee's death, widow Janice is penniless and seeks explanations.
Published At
11/30/2023 8:53:50 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.