Fasset, a digital asset gateway and provider of tokenization services, has been awarded a license from the DMCC Crypto Center, which is the world’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies, to enable it to operate offshore in the free trade zone for proprietary trading of digital assets. The DMCC crypto license has only been awarded to a handful of digital asset companies to operate in the free trade zone.
Fasset is an internationally regulated Digital asset gateway that aims to connect the next billion to buy, sell, send and store digital assets such as bitcoin and real world asset tokens. Strategically situated within the world’s most valuable remittance corridor, Fasset brings easy, free, and frictionless access to digital assets, providing people in frontier markets with the knowledge and the tools to build a better future.
Fasset is among the first group of companies to receive this license, which is offered by the DMCC Crypto Centre.With this license, Fasset aims to work closely with DMCC and its leadership to strengthen digital asset development within the country, ahead of the Central Bank of the UAE’s (CBUAE) highly anticipated Stored Value Facilities (SVF) Regulation.
It is important to note that Fasset was also granted 3 licenses from a premier ‘mid-shore’ regulator in the Labuan Financial Services Authority, in Malaysia. These licenses would allow Fasset to get closer to its mission, in bringing frictionless entry and exit into the digital asset ecosystem for the masses in emerging markets.
Mohammad Raafi Hossain, Fasset’s Chief Executive Officer and former technology Advisor to the UAE Prime Minister’s Office, said: “We are proud to be awarded this license from the DMCC Crypto Centre, further strengthening our presence within the Middle East. We have benefited from the country’s favorable regulations for blockchain and digital asset innovation which has been vital to our continued growth within the region. This license will accelerate Fasset’s growth within the UAE market, increasing access to digital assets for more people in the country.”
As a leading advocate for blockchain and digital asset innovation, the UAE has incubated some of the most notable projects within the Middle East, and with the country’s growing appetite for emerging technologies, the DMCC Crypto Center was launched in partnership with investment firm CV VC and blockchain incubator CV Labs to foster growth, collaboration, and integrity in the digital asset sector in the UAE and across the global blockchain economy.