Fasset App Goes Live in UAE Following Licensing by Dubai’s Virtual Assets Regulatory Authority

Dubai 3 Apr 2024:

Digital asset exchange Fasset’s app is now officially available to users in the UAE. The app offers access to broker-dealer services for both early investors and experienced real-world asset investors seeking to diversify their investment portfolio with digital assets.

Fasset’s platform allows secure and seamless transactions involving digital and tokenized real-world assets from any location and in the user’s preferred currency. Users can buy and invest in digital and tokenized real-world assets, take part in spot exchange transactions, and transfer funds, all in a blockchain environment. Among available investment options are cryptocurrencies, stablecoins, as well as bundles. Potential investors can test the app and their investment skills in the safe learning environment of a digital playground – Fasset Play.

The app goes live after the company became one of the first to be granted a VASP Licence by the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE in November 2023. Completion of VARA’s rigorous multi-stage approval process authorizes the company to provide virtual asset services to both retail and institutional investors in a regulatory-compliant manner.

Fasset CEO Mohammad Raafi Hossain comments: “UAE is experiencing a surge in digital asset investment as the government promotes innovation and entrepreneurship in the country. We are happy to extend our secure and transparent platform to customers in the UAE. Our goal is to empower people to have universal access to financial services, so they have more opportunities to build and manage their wealth.”

UAE becomes the second country of operations following a successful launch in Indonesia in 2023, where the app gathered over one million customers on waitlist within the first week. By partnering with Indosat Ooredoo Hutchison, Fasset launched the world’s first embedded digital asset exchange in a telco app – available to over 100M users in Indonesia. The company has also partnered with Mastercard to offer a crypto card to users in the region.

Fasset has accumulated a large digital assets licensing portfolio in emerging markets, connecting places like the UAE, Indonesia, Malaysia, Bangladesh, Pakistan and Türkiye. The VASP license by VARA grants Fasset permission to conduct virtual asset brokerage services out of Dubai for customers globally. The company plans to further expand its operations in the region and beyond in the near future.

About Fasset

Fasset is a fintech startup that lets people and businesses securely invest from anywhere in the world. Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset has raised a total of $26.7 million in funding. In November 2023, Fasset was granted a VASP license by Dubai’s Virtual Asset Regulatory Authority (VARA) allowing the distribution of digital assets and services to retail and institutional investors in the UAE and globally.

About VARA

Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy. For more information visit: www.vara.ae