Investcorp-Backed Crypto Brokerage Fasset Scores Dubai License, Readies Beta Debut
Portfolio Pulse from Murtuza Merchant
Fasset FZE, a digital asset brokerage, has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA), allowing it to offer broker-dealer services for virtual assets like Bitcoin and Ethereum. The company, backed by Investcorp, plans to launch a beta version of its services next month and a full rollout in January 2024. Fasset aims to provide access to digital assets in emerging markets and is working with the UAE Prime Minister’s Office on crypto regulation. The license and Investcorp's investment reflect growing institutional interest in blockchain technology in the Middle East.
November 30, 2023 | 5:46 pm
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POSITIVE IMPACT
Fasset's new license to offer broker-dealer services in Dubai may increase the accessibility and adoption of Bitcoin, potentially influencing demand and price.
The licensing of Fasset to operate in Dubai could lead to increased adoption and trading volume of Bitcoin as it facilitates transactions in secure and stable cryptocurrencies. This could have a positive impact on Bitcoin's demand and price in the short term, especially considering the involvement of institutional players like Investcorp.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ethereum may see a positive impact on its adoption and price as Fasset, now licensed in Dubai, includes it among the virtual assets it will broker.
Similar to Bitcoin, Ethereum is directly mentioned as one of the cryptocurrencies that Fasset will facilitate transactions for. The increased accessibility and institutional interest backed by regulatory compliance could lead to greater adoption and a positive price movement for Ethereum in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70