Crypto investment platform Facet granted a business license in Dubai

Digital asset investment platform Facet was granted an operating license on November 29, according to the Dubai Virtual Asset Regulatory Authority (VARA) website.

The Virtual Asset Service Provider (VASP) license granted to Facet allows it to legally operate as a broker-dealer in Dubai. The license conditions state that the platform is authorized to serve domestic institutional investors, “qualified investors” and retail investors.

The company was originally based in London, although it now operates in Indonesia and Dubai. Facet's website offers services in Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.

Facet CEO Mohammad Rafi Hossain told Cointelegraph that Dubai is a “great place” to base a crypto business with its internationally recognized high standards of Vera's licensing system.

“The emirate's proactive approach is embracing blockchain and cryptocurrency while providing safeguards that ensure investor protection while simultaneously developing a thriving crypto scene.”

He also pointed out that the UAE is the center of a large expatriate community and that crypto could be particularly useful in this regard.

“The cross-border nature of crypto makes this highly profitable and essential for cross-border value transfers.”

Fassett said he plans to use his newly received VARA license to “connect these people to ‘home' markets.”

Related: Standard Chartered Ventures arm to set up crypto fund in UAE

VARA, the issuing regulator, is the sole authority to enforce regulations on digital assets in Dubai. In early November, VARA rejoined management as it prepares to expand operations and “reach full market operations” by 2024.

In the year On November 15, VARA granted institutional crypto custodian Hex Trust a VASP license. Regulators in Dubai have issued minimum viable product or VASP licenses to prominent crypto companies including Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com and Huobi.

Recently, Binance is considering making the United Arab Emirates a “focal point” for its future operations.

These developments follow the UAE's plan on November 8 to tighten the rules on unauthorized VASPs and impose penalties for non-compliance.

The new guidance emphasizes that authorities expect all licensed financial institutions, non-financial businesses and professions to report transactions from suspicious parties through a “whistle-blowing mechanism” to designated and officially licensed VASPs.

Magazine: Exclusive: 2 years after John McAfee's death, widow Janice is broken and needs answers.