Digital asset gateway Fasset awarded full regulatory clearance by Labuan Financial Service Authority
Fasset, a digital asset gateway and provider of tokenisation services for sustainable infrastructure assets, has received three separate full authorisations from the Labuan Financial Services Authority (LFSA), in the Federal Territory of Labuan, Malaysia to commence its digital asset business operations from the country.
The reception of these licenses represents Fasset’s first full licensing outside of the Middle East. The company already has a presence in Bahrain and the UAE, having received authorisation from the Central Bank of Bahrain to test its solutions for the tokenisation of real assets in the country’s FinTech Regulatory Sandbox — the first such authorisation of its kind globally.
The Labuan licensing will allow for the expansion of its services to more than 180 different jurisdictions and will serve to accelerate the company’s venture into the Southeast Asia market. The move comes as part of the company’s long-term growth plans to strengthen its presence across South and Southeast Asia.
Mohammad Raafi Hossain, Fasset Chief Executive Officer and former Advisor to the UAE Prime Minister’s Office, says: “We are honoured to have received licensing from the LFSA, which itself is a leader in regulating the fintech sector and shaping the digital economy within the region. The reception of these licenses serves as a starting point for Fasset’s expansion in Asia, as we strive to bring new financial opportunities to investors and consumers across the continent. South and Southeast Asia are ripe for digital transformation and disruption, and we plan to play a central role in accelerating the growth of both the digital asset and ESG sectors in both of these regions.”
Fasset is a regulated, multi-country Digital Asset Gateway that aims to connect the next billion to buy, sell, send and store digital assets such as bitcoin and Real World Asset Tokens. Fasset aims to bring easy, free, and frictionless access to digital assets, providing people in frontier markets with the knowledge and the tools to build a better future.
An incubator for some of the most prominent blockchain and digital assets projects, Labuan has established a strategic position for itself within the region, cultivating a thriving emerging technologies landscape in the heart of Southeast Asia. Traditionally known as a hub for investments, banking, oil, and gas, Labuan offers a gateway into the Asia Pacific market. Established in 1996, the LFSA has promoted and developed the island into an international centre for business and financial services—through the support of the LFSA, Labuan has successfully attracted numerous technological and financial innovators to the territory’s shores.
Commenting on Fasset’s licensing, Farah Jaafar-Crossby, Chief Executive Officer of Labuan International Business and Financial Centre (Labuan IBFC) of Malaysia, says: “Labuan serves as a hotbed for innovation within the region, attracting some of the most globally sought-after projects in the emerging technologies space. We are proud to remain a chosen hub for financial and technological innovation for trailblazing firms like Fasset, many of whom elect to base their Southeast Asian operations from our shores. We believe that by supporting these innovative businesses, we not only strengthen Malaysia, but Southeast Asia collectively.”
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