According to Cointelegraph: Cryptocurrency investment platform Fasset has been granted a Virtual Asset Service Provider (VASP) license by Dubai authorities, a major stride for the company’s regional expansion. As per a listing on the Dubai Virtual Asset Regulatory Authority (VARA) website, the operational license was issued on November 29.
The VASP license conferred on Fasset permits the platform to legally provide broker-dealer services in Dubai. As part of the license provisions, Fasset is authorized to cater to local institutional investors, "qualified investors," and retail investors.
Originally from London, Fasset now maintains operations in Indonesia and Dubai, with services listed in regions such as Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
As the solo authority for implementing regulations on digital assets in Dubai, VARA has previously issued VASP licenses to several esteemed crypto firms, including Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi. Recently, VARA reshuffled its leadership as part of its plans to boost operations and achieve "full-scale market operations" by 2024.
These advancements align with the recent assertion made by the United Arab Emirates on November 8 to enforce stringent rules on unregistered VASPs, featuring fines for noncompliance. The introduced regulations stress the need for licensed financial institutions, designated non-financial businesses and professions, and approved VASPs to report suspicious transactions via "whistle-blowing mechanisms."