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Coin Telegraph

Fasset has been granted a Virtual Asset Service Provider (VASP) license from regulators in Dubai, allowing it to perform broker-dealer services legally in the emirate.

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 authorized to serve local institutional investors, “qualified investors” and retail investors.

The company was initially based in London, though it now operates in Indonesia and Dubai. Fasset’s website also offers services in Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.

Cointelegraph contacted Fasset for comment and additional information on the development but has not yet received a reply.

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 as it prepared to expand operations and “ramp up to full-scale market operations” in 2024.

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

Recently, Binance said it is considering making the United Arab Emirates a “focal point” for its future operations.

These developments follow an announcement from the United Arab Emirates on Nov. 8 that it plans to tighten its rules on unlicensed VASPs and impose fines on noncompliance.

The new guidance stressed that authorities expect all licensed financial institutions, designated non-financial businesses and professions and officially licensed VASPs to report transactions from suspicious parties via “whistle-blowing mechanisms.”

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eToro, M2 win ADGM crypto licenses to operate in UAE financial center

November 28, 2023 Coin Telegraph

Coin Telegraph

While eToro received Financial Services Permission (FSP) approval for operating as a securities, derivatives and crypto assets broker, M2 became a fully regulated Multilateral Trading Facility (MTF) and custodian.

Crypto investment platforms eToro and M2 received various degrees of approval to offer their services in the United Arab Emirates from the ADGM Financial Services Regulatory Authority, which oversees the UAE’s international financial center, the Abu Dhabi Global Market (ADGM).

EToro received approval for a Financial Services Permission (FSP) that allows a provider to operate as a broker for securities, derivatives and crypto assets. Cryptocurrency exchange M2, on the other hand, got recognition as a fully regulated Multilateral Trading Facility (MTF) and custodian that can on-board UAE residents and institutional clients.

According to Yoni Assia, founder and CEO of eToro, the new UAE licensing is “a key milestone in our continued global expansion.” In September, eToro received Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). At the time, deputy CEO Hedva Ber highlighted the importance of a European operating license for a crypto company that aims for global expansion.

M2’s services in the UAE for retail and institutional clients will include crypto custody, UAE dirham-based Bitcoin (BTC) and Ether (ETH) trading and on/off-ramp services for the dirham. M2 CEO Stefan Kimmel sees the timing of license issuance as perfect, given the return of positive investor sentiment.

While the UAE continues to attract international crypto players with operational licenses, the registration authority of the ADGM introduced comprehensive regulations governing Web3 organizations in November.

ADGM welcomes Al Reem Island businesses to its community#WamNews https://t.co/NoLasneinS
— WAM English (@WAMNEWS_ENG) November 1, 2023

The Distributed Ledger Technology (DLT) Foundations Regulations 2023 aim to provide regulatory clarity to blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs) and traditional foundations expanding into DLT.

The regulations allow for the creation of a “DLT Foundation” by submitting a signed charter that includes a description of the foundation’s initial assets and details about its governance and token issuance (if any), along with the organization’s white paper, tokenomics paper and a link to a technical document called a DLT Framework.

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Crypto custodian Hex Trust receives Dubai VASP license

November 15, 2023 Coin Telegraph

Coin Telegraph

Institutional cryptocurrency custodian Hex Trust adds Dubai to its list of operational jurisdictions in addition to Hong Kong, Singapore, Vietnam, Italy and France.

Hong Kong-founded institutional cryptocurrency asset custodian Hex Trust has been given the green light to offer virtual asset custodial services to institutional clients and investors in Dubai.

The firm, which established an office in the city in June 2022, received a full virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) on Nov. 15. The company had originally received a minimal viable product (MVP) operations license in Feb. 2023 and is now clear to offer its services in the jurisdiction.

Hex Trust’s Regional Director of MENA Filippo Buzzi notes that the approval sees the company join a growing but limited list of cryptocurrency exchanges and cryptocurrency service providers to be given the all-clear to operate in Dubai:

“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

Hex Trust co-founder and CEO Alessio Quaglini adds that the Emirate of Dubai presents a prime opportunity for businesses in the sector to grow and capitalize on the progressive regulatory approach of the region.

France also granted the company regulatory approval to offer its services to companies in the country in Aug. 2023. Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.

MetaMask Institutional recently announced that Hex Trust was among four major cryptocurrency custodians integrated into its wallet and browser extension to provide custodial services to institutional clients.

Hex Trust’s announcement of its VASP license comes one day after crypto exchange Crypto.com’s Dubai entity was granted its VASP license by the city’s regulator, which is still pending operational approval.

Other prominent crypto exchanges that previously gained MVP or VASP licenses include Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (revoked) and Huobi.

Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, is one the latest crypto firms to receive a full VASP license as recently as Aug. 2023. The company offers custodial and staking services to institutional grade clients.

The United Arab Emirates continues to attract cryptocurrency ecosystem participants, given its role out of federal grants and crypto-friendly regulations. Attaining a VARA license in Dubai is a three-step process requiring crypto exchanges to qualify for provisional approval, a minimal viable product (MVP) license and a full market product license.

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Crypto.com granted Dubai crypto license

November 14, 2023 Coin Telegraph

approval

The license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.

Crypto exchange Crypto.com’s Dubai entity was granted a Virtual Assets Service Provider (VASP) license by the city’s regulator, pending operational approval.

In a Nov. 14 press release, Crypto.com said that once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local business CRO DAX Middle East FZE can offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.

https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.

Learn more:https://t.co/0anXDLsxTv pic.twitter.com/EcgXCGEkMm
— Crypto.com (@cryptocom) November 14, 2023

Crypto.com CEO Kris Marszalek said in a statement that it looks forward to working with regulators to contribute to Dubai’s crypto industry and said the city is a “leading market when designing effective regulation.”

In March 2022, the exchange pinned Dubai as its Middle East and North Africa hub. It received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year.

With United States regulators taking action against crypto firms, Dubai has become a sought-after destination for crypto businesses seeking legal clarity — with many firms eyeing the crypto-friendly jurisdiction as an emerging digital assets hub in the Middle East.

Binance Dubai General Manager Alex Chehad said that unlike the U.S., Dubai and the United Arab Emirates have provided a clear regulatory framework for crypto firms to follow, which made it easier for large companies like Binance to establish permanent headquarters in the region.

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