UAE regulated crypto digital asset exchange Fasset has launched its official application in the UAE. Fasset received a VARA (Dubai’s virtual asset regulatory authority) license in November 2023.

The app’s launch in the UAE is a strategic step for Fasset, following a successful launch in Indonesia last year, where it attracted over one million users within the first week. Fasset allows users to carry out spot trading and investment services in cryptocurrencies, stablecoins and tokenized real-world assets.

On the educational front the application includes Fasset Play, designed to offer a risk-free learning environment for users to hone their investment skills. This initiative aligns with Fasset’s mission to democratize access to financial services, enabling a wider audience to explore and manage their wealth.

Fasset CEO Mohammad Raafi Hossain commented, “UAE is experiencing a surge in digital asset investment as the government promotes innovation and entrepreneurship in the country. We are happy to extend our secure and transparent platform to customers in the UAE. Our goal is to empower people to have universal access to financial services, so they have more opportunities to build and manage their wealth.”

Fasset’s strategic partnerships have been instrumental in its rapid growth. In Indonesia, the company partnered with Indosat Ooredoo Hutchison to launch the world’s first embedded digital asset exchange in a telco app, reaching over 100 million users. Additionally, Fasset collaborated with Mastercard to introduce a crypto card for users in the region.

Fasset has raised a total of $26.7 million in funding. This includes a significant $22 million raised in a Series A funding round in April 2022, led by Liberty City Ventures from New York and Fatima Gobi Ventures from Pakistan, with additional participation from Soma Capital and MyAsiaVC. Before this, Fasset raised $4.7 million across two rounds, including seed funding from Dubai’s Ceras Ventures in May 2021.

In 2023 and earlier this year in January, the UAE licensed in total 13 crypto exchanges and crypto brokers. This came at the backdrop of a more robust virtual asset regulatory ecosystem both in Dubai and Abu Dhabi, as well as a heightened awareness and interest in investing in crypto tokens, virtual assets, and digital assets.

The most important question to many who are either already investing and trading in crypto or who are just getting started is which crypto exchange or broker can serve me best. The article will look into each crypto exchange and compare them to offer a more transparent mirror of the licensed and regulated crypto exchanges in the UAE.

OKX:

Starting with OKX is mainly because it is the first global exchange to receive a virtual asset license to operate their crypto exchange in the UAE. OKX received the license in January 2024, yet is still not fully operational as it finalizes certain requirements requested by Dubai’s virtual asset regulatory authority VARA.

However when it does start, it will offer more than 350 crypto tokens. So other than the basic offering of trading tokens or trade pairs on the spot, margin and derivatives markets, it also offers managing of DeFi portfolios, buying and selling NFTs, earn crypto in our mining pools, and take out crypto collateralized loans.

But wait all these products are not available to UAE retail and institutional clients. So far, OKX’s approved suite of duly regulated virtual assets activities includes spot services and spot-pairs, via the OKX App and OKX.com exchange.

The UAE VASP License also allows OKX to offer AED deposits and withdrawals.

OKX also announced that it has developed its Arabic website to meet the needs of users in the MENA region.

Finally OKX is active on all social media platforms so engaging with the community is available through many channels.

The crypto exchange boasts of over 50 million users in more than 100 countries. It is currently seeking a license in Hong Kong.

CoinMENA

Next in line is homegrown Crypto broker CoinMENA, which is not only now licensed in the UAE but was also one of the first to be licensed in Bahrain. CoinMENA offers the major cryptocurrencies on its platform, 52 in total.

It is fully operational and is authorized to serve Institutional Investors, qualified Investors and retail Investors. It offers spot trading of crypto assets.

CoinMENA already is fully operational and has been serving customers in the GCC and MENA region through its Bahrain licensed entity.

In addition customers can deposit money directly via bank transfer or credit/debit card to a customer’s CoinMENA Wallet, as well as withdraw money from CoinMENA Wallet directly to a client’s bank account.

CoinMENA currently serves over 900,000 users supporting seven countries.

Recently CoinMENA expanded its family office, investor and institutional offering through a partnership with Onramp Bitcoin. Onramp is an international Bitcoin asset management company built on multi institutional custody.

Crypto ExchangeRegulatory StatusPresence in
OKXCrypto ExchangeHongKong UAE
Fassetcrypto brokerUAE
CoinMENAcrypto brokerUAE Bahrain
GCEXInstitutional crypto ExchangeUAE Denmark UK
FUZECrypto brokerUAE
BackPack Exchange crypto exchangeUAE
TokoCrrypto exchange/brokerUAE
Laser DigitalCrypto BrokerUAE
RAINCrypto brokerUAE Bahrain
M2 Crypto exchangeUAE
GlomexInstitutional crypto exchangeUAE
MatrixInstitutional crypto exchangeUAE
MidchainsInstitutional crypto exchangeUAE
VenomexInstitutional crypto ExchangeUAE

M2

M2 is a UAE Abu Dhabi Homegrown crypto exchange. It received its license back in November 2023 from ADGM. It was recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.

M2 offers spot trading and currently has 50 crypto tokens to choose from.

It will also be able to offer AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank in the near future.

One of the strengths of M2 is that it is backed by strong investors, one of which is a Bitcoin mining conglomerate, Phoenix Group that helps M2 to offer its Bitcoin Earn Product. The product was launched in partnership with Phoenix crypto mining group and offers yields that reach up to 10.5%.

M2 has an equity investment of $300 million as well.

RAIN

RAIN crypto broker and exchange was the first crypto broker to receive a license in the MENA region. Its operations started in Bahrain and it is now licensed in the UAE through ADGM in Abu Dhabi.

On the landing page of RAIN the first thing a user sees is the 0% trading fee. RAIN offers 70 crypto tokens to trade with. RAIN also offers crypto swaps.

It also is able to offer AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with UAE local banks.

Like most of the major exchanges it has a mobile application, and is present on most social media channels.

Fasset

In November 2023, Fasset received its crypto broker license from Dubai’s regulator VARA. This license follows Fasset’s launch in Indonesia in August, where it partnered with Mastercard Indonesia and telco giant Indosat Ooredoo Hutchison.

Fasset offers five crypto tokens to trade with.

On its website, unlike other crypto exchanges, Fasset states that it offers gold investments using blockchain technology, crypto staking and other products. How much of this they can offer with their license in VARA is not clear. But it would be a surprise if they could offer these with their current license.

Crypto ExchangeMaker FeeTaker FeeCurrenciesMinimum deposit USDTrade Limits
OKX0.08%0.10%32010100,000 USDT
Fasset0.10%1.00%5351000
CoinMENA0.75%0.75%5210No limits
GCEXNoNo5050,000No Limits
FUZENANANANANA
BackPack Exchange0.085%0.095%NANANA
TokoNANANANANA
Laser DigitalNANANANANA
RAIN0.15%0.30%7020No Limits
M20.02%0.04%3050NA
GlomexNANANANANA
Matrix0.10%0.20%750,000No Limits
Midchains0%0.40%17NANo limits
VenomexNANANANANA
NA means not available on their website or other sources of information.

Other crypto exchanges

As for the rest of the crypto exchanges and brokers that serve retail and institutional clients and are licensed in UAE, they are Fuze, BackPack exchange, Toko and Laser Digital. These four were licensed by Dubai’s virtual asset authority, but have yet to populate their websites with clear information on their product offering, fees and other information.

Fuze is preparing to launch and its CEO refrained from sharing information until they do.

As for purely institutional investors they can work with the following crypto exchanges who only deal with institutional customers. These are GCEX where the minimum deposit is $50,000 offering 50 tokens.

According to GCEX Managing Director, Mehtap Onder, the exchange doesn’t charge its clients maker and taker fees but just a trading fee.

Then there is Matrix, who also has a minimum deposit of $50,000 but offers just 7 crypto tokens to trade and invest in.

Interestingly Venomex has no information on its fees and offering, and just states on its website, that it will communicate its fees and charges via a notice.

Conclusion

In conclusion, the UAE definitely now has an array of crypto exchanges and crypto brokers that can offer safe and secure means to trade and invest in crypto tokens. It is left up to customers to choose which one they feel more comfortable with, which one offers competitive fees and which ones offer the crypto assets they want to trade.

Users can choose between local, regional and global exchanges to work with. But the future will bring even more. As VARA recently announced, while the regulator awarded 19 regulated VASP licenses in 2023, with 11 already operational, it will be adding 72 more in the coming months.

This could mean that Binance will soon have a license to operate in UAE, as will ByBit, and Crypto.com among others.

As more crypto exchanges enter the UAE as regulated entities, competition will surely increase and this is always a good thing for clients and users, so be prepared.

In less than a year UAE headquartered, Fasset, digital assets platform, has gone from receiving an initial approval for an FMP license to becoming a fully licensed VASP crypto broker in UAE.

In May 2023 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  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.

Mohammad Raafi Hossain, Founder and CEO of Fasset, told LaraontheBlock, “Our ability to connect loved ones, families and small businesses across borders while transporting economic value across borders -is a milestone and a historic shift in the way we will all operate in the near future.”

He also commented that the license will strengthen Fasset’s portfolio and connect regions  like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey. Fasset users can now confidently transfer assets from the GCC to Asia, enabling sustainable and ethical wealth growth in one of the world’s busiest remittance corridors.

Previously, Hossain had noted in a LinkedIn post that 47.8% of the world’s household wealth is owned by 1.2% of the people. He stated, “ It’s becoming increasingly clear that the traditional routes to asset ownership are no longer equitable; as access to high quality assets – be it real estate, commodities or equities – are only easily attainable to a mere fragment of the world’s population. A fresher approach of tokenization and crypto can positively impact emerging markets by giving everyone an equal chance to own high quality real world and digitally native assets.”

Fasset recently received a strategic investment from Investcorp as it prepared for a series B funding round.

This license follows Fasset’s launch in Indonesia in August, where it partnered with Mastercard Indonesia and telco giant Indosat Ooredoo Hutchison.

Fasset;s license comes on the same day that CoinMENA has received its license, and just a week after Abu Dhabi M2 received theirs.

Oman based Mamun to develop secondary token crowd funding market after receiving license from Oman Capital Market Authority

Oman based Mamun, has been awarded a full crowd funding license by Oman’s Capital Market Authority, with plans to offer a crowd funding token based secondary market utilizing its recent partnership with Fasset token exchange platform.

The recent license is also a pre-approval for a PSP (Payment Service Provider) license by the Central Bank of Oman. As a fintech infrastructure-as-a-service provider, Mamun offers a proprietary technology platform that empowers telecommunication companies, banks, and large startups with the tools and capabilities necessary to roll out fintech services and products, including popular solutions like Foodics.

Excitingly, Mamun has recently announced a strategic partnership with Fasset, a renowned innovator in the field. This collaboration aims to co-create advanced products that further enhance Mamun’s holistic approach to fintech services. By combining their respective strengths and expertise, Mamun and Fasset strive to drive innovation, accessibility, and convenience in the financial industry.

“We are thrilled to have been granted the full crowdfunding license by the Capital Market Authority and the pre-approval for the PSP license from the Central Bank of Oman,” said Mohammed Al Tamami, Co-Founder  and Chief Commercial Officer at Mamun. “These licenses are a testament to our commitment to delivering state-of-the-art fintech infrastructure and comprehensive solutions. We are excited to expand our offerings and partner with industry leaders like Fasset to shape the future of finance.”

The global Tokenization Market size to grow from USD 2.3 billion in 2021 to USD 5.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period, according to a new report by MarketsandMarkets published in May 2023.