Fasset FZE, a digital asset brokerage, obtained a license from Dubai's Virtual Asset Regulatory Authority (VARA).
What Happened: This VASP (Virtual Asset Service Provider) license allows Fasset to offer broker-dealer services for virtual assets to both retail and institutional investors. It will ultimately extend the firm's reach from Dubai to a global customer base, the company announced Thursday.
Fasset's platform is designed to facilitate transactions in "secure" and "stable" cryptocurrencies, including Bitcoin BTC/USD and Ethereum ETH/USD, as well as tokenized commodities and fiat currencies.
The company aims to provide practical use cases for digital assets, supported by blockchain technology.
The company plans to launch a beta version of its services next month, with a full rollout expected in January 2024.
Also Read: Swiss Firm Pando Asset AG Joins Bitcoin ETF Race, Seeks Nasdaq Listing For Crypto Security
Why It Matters: Fasset CEO Mohammad Raafi Hossain reiterated the company's goal of enabling access to digital assets in emerging markets.
Fasset's compliance with regulatory standards, including collaboration with the UAE Prime Minister’s Office on crypto regulation, is a major part of its strategy.
Investcorp-backed Fasset intends to collaborate with various corporate entities, including digital banks and fintechs, to enhance accessibility.
This move is seen as a significant step in integrating digital assets into the mainstream financial ecosystem in the Middle East.
Read Next: Bitcoin's Retail Revolution - Will Small Investors Drive The Future?
Image: Dubai, Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
