Fasset, a cryptocurrency exchange and provider of tokenization services for sustainable infrastructure financing, has received three licenses from the Labuan Financial Services Authority in Malaysia for its business operations in the country.
Fast Facts:
- The licenses — related to the money broking business, credit token business and payment system operations — will enable UK-based Fasset to expand its business operations to Southeast Asia as part of its growth plans.
- Fasset currently has operations in Bahrain and the United Arab Emirates. In October, it was granted authorization by the Central Bank of Bahrain to test asset tokenization in the country’s fintech regulatory sandbox.
- Mohammad Raafi Hossain, Fasset’s chief executive officer and a former advisor to the UAE Prime Minister’s Office, told Forkast.News in an email: “Southeast Asia is a booming digital asset hub and home to one of the largest pools of crypto users in the world … The region is known to be welcoming to tech innovation with government regulations favoring digital asset growth. Examples include Indonesia’s Commodity Futures Trading Supervisory Body issuing a list of crypto assets that can be traded in Indonesia earlier this year and Malaysia’s state of Labuan encouraging digital asset growth by approving a record number of fintech licenses in 2020.”
- “Indonesia currently has about 4 million cryptocurrency traders and its crypto market is predicted to grow exponentially given its population size. Home to a developing digital asset market, Indonesia is a natural market choice for Fasset to focus on as the company expands within the region. While the country is home to the largest Muslim population in the world, there are limited options for Sharia-compliant digital assets, presenting yet another opportune untapped potential to explore as the company looks to widen its regional reach,” he added.