Fasset App Launches in UAE with Virtual Assets Regulatory Authority License
In a significant move aimed at democratizing access to digital assets in the UAE, the Fasset app is now officially available to users in the region. This follows the approval and granting of a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA) in November 2023. As a pre-Series B fintech startup, Fasset has impressively raised a total of $26.7 million in funding, marking its strong position in the digital asset exchange space.
The Fasset platform is designed to provide a safe and straightforward path for both novice and seasoned investors interested in diversifying their portfolios with digital assets. The app offers a wide range of broker-dealer services, enabling users to engage in transactions involving digital and tokenized real-world assets with ease. With the ability to operate from any location and in a preferred currency, Fasset users can buy and invest in cryptocurrencies, stablecoins, and various bundles, among other digital assets.
A highlight of the Fasset ecosystem is the inclusion of Fasset Play, a digital playground that offers a risk-free environment for potential investors to hone their investment strategies. This feature reflects the company’s commitment to empowering users with the knowledge and tools needed to navigate the digital asset market confidently.
The launch of the Fasset app in the UAE marks a landmark achievement for the company, becoming one of the inaugural entities to secure a VASP licence from VARA. This licensing is a testament to Fasset’s adherence to the stringent regulatory requirements set by VARA, ensuring the provision of virtual asset services in a manner compliant with local regulations.
Expressing his views on the UAE launch, Fasset CEO Mohammad Raafi Hossain highlighted the country’s growing enthusiasm for digital asset investment, fueled by the government’s push towards innovation and entrepreneurship. “Our goal is to empower people to have universal access to financial services, giving them greater opportunities to build and manage their wealth securely and transparently,” Hossain stated.
Following its successful launch in Indonesia earlier in 2023, which saw over one million customers joining the waitlist within just a week, the UAE becomes the second country to welcome the Fasset app. The company’s progressive approach, including the world’s first embedded digital asset exchange in a telco app through a partnership with Indosat Ooredoo Hutchison, has significantly expanded its reach to over 100 million users in Indonesia. Furthermore, a collaboration with Mastercard has facilitated the introduction of a crypto card for users in the region.
With a comprehensive digital assets licensing portfolio across emerging markets like UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Türkiye, Fasset’s VASP license by VARA further solidifies its capacity to provide virtual asset brokerage services from Dubai to a global customer base. Plans for regional and international expansion are already underway as the company aims to further entrench its presence in the digital asset exchange industry.
About Fasset: Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset is a pioneering fintech startup dedicated to enabling secure and global investment in digital assets. With a significant funding of $26.7 million and the recent acquisition of a VASP license from Dubai’s VARA, Fasset is poised to revolutionize access to digital asset investment globally.
About VARA: The Virtual Assets Regulatory Authority (VARA) was established in March 2022 under Law No.4 of 2022. As the regulatory body overseeing virtual assets and activities across Dubai, including its Special Development Zones and Free Zones (excluding the Dubai International Financial Centre), VARA is pivotal in shaping a progressive legal framework for the virtual asset industry. This initiative aligns with Dubai’s vision of fostering a seamless, borderless economy while ensuring investor protection and establishing international governance standards.
