Unilaterally, Fasset, a digital asset exchange platform with a vision to offer affordable and frictionless gateway for people in emerging markets to own and grow their wealth in digital assets has announced  that it has been granted an Initial Approval for a Full Market Product (FMP) license by the Dubai’s Virtual Assets Regulatory Authority (VARA) in UAE.

As per the announcement, “Though the initial approval does not yet allow any virtual asset activity in or from Dubai, this initial stage indicates progress in obtaining full permission to operate in Dubai. This crucial step forward allows Fasset to lead the digital assets market, as one of the first exchanges to provide regulatory protection to consumers in Dubai, as the MENA region has been identified as the world’s fastest growing cryptocurrency market.”

Raafi Hossain, CEO and Co-Founder of Fasset stated, “This is an incredibly exciting time to be leading the way in democratizing access to digital assets. As the world turns to Dubai as the financial epicenter for growth, the opportunity to work with VARA embeds improved access to digital assets with the provision of heavily anticipated regulatory guardrails. We are grateful for the leadership and guidance of VARA team in helping us achieve the milestone of being one of the first exchanges to receive Initial Approval under the FMP license, and look forward to working with the VARA team to achieve full permission to offer our services to the world from Dubai.”

Fasset has sought regulatory permissions across the biggest markets in the Middle East, Asia and Africa, where digital asset-based rails are vital.

Currently Fasset is participating as a sponsor and speaker at the Dubai Fintech Summit. Mohammad Raafi Hossain, participated in a panel discussion on Crypto and the evolving regulatory framework emphasizing the societal value of crypto.

Raafi emphasized that regulation should serve as a positive reinforcement tool for the main benefits of wealth creation and property rights ownership, rather than a reactive response to the negative aspects of the crypto industry. Secondly, he highlighted the need for an international philosophy and ethos around crypto regulation that takes into account the desires and needs of the market with regards to asset ownership and enablement.

Fasset has also signed two MOUs, one with Minted which will provide increased access to tokenized precious metals across developing markets including Turkey, Indonesia and UAE and another one with Oman Mamun which will focus on building innovative new solutions for Oman based on real world assets. The collaboration with Mamun will increase access to investment opportunities and enhance liquidity for physical assets, all within a secure and compliant framework.

Fasset digital asset exchange has appointed the former CEO of Bahrain Fintech Bay as General Manager for MENA region. Fasset digital asset exchange seeks to empower the next billion with new ways to own connect and share digital assets.

Khalid brings a track record of success as the former CEO and board member of Bahrain FinTech Bay, where he led the development and growth of Bahrain FinTech Bay into a leading fintech hub in the Middle East. Prior to his appointment, Khalid held various leadership positions in the financial services industry, focused on investment banking, market risk management and technology, where he was previously Vice President at J.P. Morgan and Barclays Capital in London.

Fasset announced a partnership with Mastercard, which has chosen the company for its Start Path program to promote the adoption of crypto and blockchain technology, the firm announced on Nov. 3.

“We are thrilled to welcome Khalid to the Fasset team and are confident that his experience and leadership will be invaluable as we continue to drive innovation and growth in the digital asset space” said Daniel Ahmed, COO, Fasset.

Khalid added, “I am thrilled to be joining Fasset at this pivotal time in the evolution of finance through digital assets. I look forward to driving our vision and building out the web3 ecosystem by creating opportunities for digital asset ownership, utilization, and ultimately empowering the region..”