{"id":203578,"date":"2023-11-30T14:51:10","date_gmt":"2023-11-30T09:21:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203578"},"modified":"2023-11-30T14:51:10","modified_gmt":"2023-11-30T09:21:10","slug":"crypto-investment-platform-fasset-granted-operational-license-in-dubai-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-investment-platform-fasset-granted-operational-license-in-dubai-crypto-news\/","title":{"rendered":"Crypto investment platform Fasset granted operational license in Dubai – Crypto News"},"content":{"rendered":"
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Digital asset investment platform Fasset was granted an operational license on Nov. 29, according<\/a> to a listing on the Dubai Virtual Asset Regulatory Authority (VARA) website.<\/p>\n

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, \u201cqualified investors\u201d and retail investors. <\/p>\n

The company was initially based in London, though it now operates in Indonesia and Dubai. Fasset\u2019s website also offers services in Indonesia, Malaysia, Bangladesh, Pakistan and Turkey. <\/p>\n

Cointelegraph contacted Fasset for comment and additional information on the development but has not yet received a reply.<\/p>\n

Related: <\/em><\/strong>Standard Chartered\u2019s venture arm to set up crypto fund in UAE<\/em><\/strong><\/a><\/p>\n

VARA, the issuing regulator, is the sole authority for enforcing regulations on digital assets in Dubai. Earlier in November, the VARA shuffled around its leadership<\/a>\u00a0as it prepared to expand operations and \u201cramp up to full-scale market operations\u201d in 2024. <\/p>\n

On Nov. 15, VARA issued the institutional crypto custodian Hex Trust<\/a> a VASP license. Regulators in Dubai have also issued minimal viable product or VASP licenses to prominent crypto companies<\/a>, including Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com and Huobi.<\/p>\n

Recently, leadership at Binance said it is considering<\/a> making the United Arab Emirates a \u2018focal point\u2019 for its future operations.\u00a0<\/p>\n

These developments follow an announcement from the United Arab Emirates on Nov. 8 that it plans to tighten its rules on unlicensed VASPs<\/a> and impose fines on non-compliance.\u00a0<\/p>\n

The new guidance stressed that authorities expect all licensed financial institutions (LFIs), designated non-financial businesses and professions (DNFBPs) and officially licensed VASPs to report transactions from suspicious parties via \u201cwhistle-blowing mechanisms.\u201d<\/p>\n

Magazine: <\/em><\/strong>Exclusive: 2 years after John McAfee\u2019s death, widow Janice is broke and needs answers<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Digital asset investment platform Fasset was granted an operational license on Nov. 29, 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 […]<\/p>\n","protected":false},"author":2,"featured_media":203579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-203578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203578"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203578\/revisions"}],"predecessor-version":[{"id":203581,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203578\/revisions\/203581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203579"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}