Digital assets infrastructure provider, Fuze has received approval for a Virtual Asset Service Provider (VASP) Licence from Dubai’s Virtual Asset Regulatory Authority (VARA).
In a statement, the firm said the licence will enable it to offer regulated virtual asset activities for Broker-Dealer Services. Through the licence, the start-up said it will focus on two core service lines: firstly, digital assets as a service (DAAS) enabling banks, fintechs and enterprises to integrate B2B2C digital asset products natively into their channels.
Secondly, it will now offer a regulated Over-The-Counter (OTC) service that provides investors with an option for executing institutional-level digital asset trading. The start-up, which is one of the first businesses to operate under the licence, helps banks, fintechs and enterprises to embed regulated digital assets infrastructure and launch products from their native apps. Its technology supports stablecoins, cryptocurrencies, CBDCs and tokenized assets.
Speaking on the approval, Mohammed Ali Yusuf (Mo Ali Yusuf), co-Founder and CEO of Fuze said, “We thank VARA for assessing and approving our licence. VARA’s comprehensive and consultative process demonstrates the robust framework at the heart of this booming industry. Across the UAE, digital assets businesses are being welcomed to a thriving ecosystem with regulation that matches rapid innovation and adoption. Businesses can now have full confidence in the regulated infrastructure that Fuze provides, as we support the world’s fastest-growing digital assets hub.”
Fuze recently announced a $14mn Seed funding round, the largest Seed for a digital assets start-up in MENA history, while regulatory licensing had been identified as a key part of the company’s growth plans.
