UAE’s crypto startup Fasset expands operations in the EU

UAE-based global digital asset gateway Fasset has announced its expansion to the European Union market after securing authorization for crypto operations in the EU. The startup aims to strengthen its global outreach to serve the growing digital asset sector in the EU market.

Recently, Fasset separately secured three full authorizations from the Labuan Financial Services Authority as part of the company’s long-term growth strategy. It allows Fasset to bring its digital asset services to more retail and institutional investors worldwide, Gulf Digital News reported.

“The digital asset sector has become an undeniable force in today’s financial and technological landscape. The EU is a hotbed for crypto activity, with a number of member states leading the charge in both innovation and implementation,” commented Mohammad Raafi Hossain, Fasset Co-Founder and CEO, and former Advisor to the UAE Prime Minister’s Office.

“With this license, Fasset can continue on its mission of enabling greater access to crypto-assets, bringing investors a step closer to the future of finance. The EU will serve as a cornerstone as we look to connect the remittance corridor between the West and the East,” he added.

The EU continues to be a global leader in digital asset adoption, outpacing all other regions as the biggest crypto market in the world. Representing a quarter of global cryptocurrency activity worth over $1 trillion, the EU is already an established hub for digital assets and a thriving market for growth and innovation in emerging technologies, with nearly a billion customers.

Launched in 2019, Fasset is a multi-country digital asset gateway that aims to connect this billion new users with the tools to buy, sell, send and store digital assets such as cryptocurrency and real-world asset tokens.

Previously partnering with Middle East fintech company Infinios (formerly known as NEC Payments), Fasset successfully completed the first Proof-of-Concept tokenization of a Tesla charging unit in a move to accelerate the progression of the electric vehicle (EV) industry in pursuit of creating a more sustainable future.