Digital asset investment platform Fasset has been granted an operational license, according to a listing on the Dubai Virtual Asset Regulatory Authority (VARA) website.
The Virtual Asset Service Provider (VASP) license 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, initially based in London, now operates in Indonesia and Dubai. Fasset’s website also offers services in Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
VARA, the issuing regulator, is the sole authority for enforcing regulations on digital assets in Dubai.
On Nov. 15, VARA issued the institutional crypto custodian Hex Trust a VASP license. Regulators in Dubai have also issued minimal viable product or VASP licenses to prominent crypto companies, including Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi.
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.