About Fasset: legal entities, licences and leadership
Fasset was founded in 2019 and operates through six group entities. One of them, Fasset FZE, is licensed by the Virtual Assets Regulatory Authority (VARA) in Dubai for Broker-Dealer Services under licence VL/23/07/002, issued on 30 November 2023. No Fasset entity states a banking licence on fasset.com.
Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection. Read the risk disclosure for virtual assets.
Last reviewed . Reviewer: Head of Compliance.
Fasset at a glance
Fasset is a money app built around a US dollar balance, the stablecoin USDT and a prepaid Visa card. Fasset is not a bank: no Fasset entity states a banking licence, so balances are not bank deposits and no deposit guarantee scheme covers them.
The company says it was founded in 2019 and has teams in Dubai, Islamabad, Jakarta and Bahrain. For individuals the app covers the Fasset USD account for receiving dollars, buying USDT in the UAE through Fasset FZE, the Fasset Card for spending a USDT balance, and investing in assets that fasset.com lists as tokenised gold and silver and fractional shares.
For companies, fasset.com describes four business lines: an OTC desk, an API, Fasset Pay for accepting and paying out crypto and national currencies, and Fasset Business, which the site says is onboarding pilot teams into a private beta.
Which company you deal with depends on the service. The rest of this page names each one, and Fasset home has the short version.
How Fasset makes money
Fasset charges fees, and three are published: 9.99 USDT to issue the Fasset Card, $9.99 once for a dedicated USD IBAN, and 0.35% on a send from the USD balance to an account in another currency. No fee or spread is published for buying and selling USDT, and how the business lines are priced is still to be confirmed. Each published charge is listed on Fasset fees and limits with its source and date.
Fasset in five facts
- Founded
- 2019
- Teams
- Dubai, Islamabad, Jakarta, Bahrain
- Group entities
- Six
- Licence checked on a public register
- VARA VL/23/07/002
- Banking licence
- None stated
Company facts as published on fasset.com on .
Legal entities and licences
Fasset’s group privacy policy lists six companies. Fasset FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for Broker-Dealer Services, licence VL/23/07/002, and that is the one licence this page could check on a public register. The last column separates what a register shows, what a Fasset company states about itself and what is still to be confirmed.
| Entity | Jurisdiction | Company number | Regulator | Licence type and number | Issued | Permitted activities | Register | Status and last verified |
|---|---|---|---|---|---|---|---|---|
| Fasset FZE | Dubai, UAE | to be confirmed | Virtual Assets Regulatory Authority (VARA) | VASP Licence, VL/23/07/002. The register entry also shows CMA Registration Number CMA-VASP-0100000-0010 | Broker-Dealer Services. Permitted to serve Institutional Investors, Qualified Investors and Retail Investors | VARA register entry for Fasset FZE | Verified on the register |
|
| Fasset Financial Services W.L.L. | Bahrain | CR No. 175702-1 | Central Bank of Bahrain (CBB) | “Category-3 License”, in the words of the entity’s user agreement. Licence number: to be confirmed | Issue date, permitted activities and register entry to be confirmed | Stated by the company |
||
| Fasset Labuan Limited | Labuan, Malaysia | to be confirmed | Labuan Financial Services Authority (Labuan FSA) | No licence number, issue date or register link is published on fasset.com, so this page makes no licence claim. A press report of 7 October 2025 describes a provisional approval | To be confirmed | |||
| PT Gerbang Aset Digital | Indonesia | to be confirmed | Listed in the group privacy policy. No licence is claimed for this entity on this page. | To be confirmed | ||||
| FTL TEKNOLOJİ ANONİM ŞİRKETİ | Türkiye | to be confirmed | Listed in the group privacy policy. No licence is claimed for this entity on this page. | To be confirmed | ||||
| FTL EURO UAB | Lithuania | to be confirmed | Listed in the group privacy policy. No licence is claimed for this entity on this page. | To be confirmed | ||||
Last verified , the day the VARA register and fasset.com were read.
Verified on the register: the entry was read on the regulator’s own website. Stated by the company: a Fasset document says so and no register was checked. To be confirmed: nothing that can be checked is published.
Addresses. The VARA register gives the principal place of business of Fasset FZE as EO 09, Floor 13, Sheikh Rashid Tower, Dubai World Trade Center, Dubai, UAE. The Fasset FZE documents page on fasset.com shows Office 2901, Floor 29, Boulevard Plaza Tower 1, Sheikh Mohammed bin Rashid Boulevard, Dubai, and this site uses the register address until the company explains the difference. Fasset Financial Services W.L.L. gives its office as Office 211, Building 120, Road 3803, Block 338, Manama, Kingdom of Bahrain. Fasset Labuan Limited gives its registered office as Jalan Merdeka, Unit Level 14 (B) & 14 (C), Main Office Tower, Financial Park Labuan Complex, Labuan, Malaysia.
The same facts, with one heading per entity, are on the page of licences and regulatory disclosures by entity.
What each licence does not cover
Fasset FZE’s VARA licence covers Broker-Dealer Services carried on in or from Dubai. Whether Fasset FZE can serve residents of the other emirates, and on what basis, has not been confirmed.
The licence does not cover:
- The card. Fasset Labuan Limited provides the Fasset Card. Fasset FZE does not.
- The USD account. Its terms name Fasset Labuan Limited as the contracting party and say the services “are powered by a third-party provider and do not form part of the regulated or licensed activities of Fasset Labuan Limited”.
- Banking. No Fasset entity states a banking licence, and balances are not bank deposits.
- Services carried on outside Dubai. That means the other emirates and other countries.
The CMA registration number printed on the register entry is recorded in the table above. This page does not present it as a basis for serving the other emirates.
The Bahrain statement belongs to one company. In its user agreement, Fasset Financial Services W.L.L. says it is “licensed by the Central Bank of Bahrain with a Category-3 License”, and that statement does not extend to any other Fasset company.
How to read a licence
One company, one activity, one place.
VL/23/07/002 is held by Fasset FZE for Broker-Dealer Services in or from Dubai. It is not a licence for the whole group, and it is not a banking licence.
Leadership and responsible individuals
The About page on fasset.com names no founder, director or board member, and who owns the group is still to be confirmed. Company announcements name two founders. Each role below shows what a company document says and where a name is still missing.
Chief Executive Officer
Stated by the company
The funding announcement of 24 August 2026 on the fasset.com blog says Fasset was founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, and names Mohammad Raafi Hossain as Co-Founder and CEO.
Chief Operating Officer
Stated by the company
A partnership announcement of 30 January 2026 on the fasset.com blog names Daniel Ahmed as Co-founder and Chief Operating Officer.
Managing Director of Fasset FZE
To be confirmed
Two pages of fasset.com give different lists of responsible individuals for Fasset FZE, so this page names none of them until the company confirms the current list.
Head of Compliance and Money Laundering Reporting Officer
To be confirmed
Names, qualifications and appointment dates are to be published.
Shariah governance
Fasset states one rule for everything it offers: all accounts, services and investments are delivered without interest. It does not yet publish who checks that rule, against which standard, or with what result. The four parts of a governance statement follow, each with what exists today.
Who reviews products
No page of fasset.com names a Shariah board member, advisor, certifier or scholar acting for Fasset. Names, qualifications and appointment dates are to be published.
Standards followed
The governance framework and the Shariah standards that Fasset’s reviewers apply, and how often each product is reviewed, are to be published.
Certificates and reports
The Shariah reports page on fasset.com labels 240 assets: 188 as Shariah compliant and 52 as not compliant. It shows no reviewer, method, date or report link, and no certificate for a Fasset product is published, so this site does not call Fasset or any of its products certified.
No-interest policy
The stated value reads “All accounts, services and investments delivered without interest”. The Fasset Card is prepaid and topped up in USDT. A written policy, including how income that fails screening is treated, is to be published.
Scholars differ on crypto itself, and the answer depends on the asset and its use: read how scholars assess whether crypto is halal. For information only. Not investment, legal, tax or religious advice.
Security and assurance
Three items, each with its source and its status. The controls behind them are set out on the page about security and custody at Fasset.
- Custody technology
- Fireblocks multi-party computation (MPC) and hardware isolation, for client virtual assets at Fasset FZE
- Stated by the company
- SOC 2 Type II and ISO 27001
- Stated in blog posts on fasset.com. No certificate, auditor or report period is published
- Stated by the company
- Insurance, penetration tests and proof of reserves
- Nothing was found on fasset.com
- Not published
Funding and investors
Fasset announced two funding rounds in 2026. The amounts and the valuation are the company’s own figures, quoted from its announcements with their dates.
An investor is named here only where an announcement names it.
| Round | Amount | Announced | Investors named |
|---|---|---|---|
| Series B | $51 million | SBI Group, Investcorp and Arz Portföy took part | |
| Series C | $68 million | Led by SBI Group, at a stated valuation of $1 billion |
Source: the two funding announcements on the fasset.com blog, read on 6 October 2026.
How to verify Fasset yourself
Open the VARA public register
Go to the VARA public register entry for Fasset FZE on vara.ae. Type the address yourself or use this link, never one sent to you in a message.
Match the name, reference and status
The entry should show Fasset FZE, reference VL/23/07/002, Broker-Dealer Services and the status Active, as it did on 6 October 2026.
Check the address and the website
The register lists EO 09, Floor 13, Sheikh Rashid Tower, Dubai World Trade Center, Dubai, and the website fasset.com. If the site or app in front of you is on another domain, stop and ask support.
Official domain, apps and references
- Website
- fasset.com
- iPhone app
- App Store ID 1599893605
- Android app
- Google Play package com.fasset.cashapp
- Support
- [email protected]
- Independent references
- The VARA register entry is the primary one. A Cointelegraph report of 7 October 2025 describes a provisional approval in Labuan, Malaysia. Only its headline and date were read for this page, and it is not a register entry.
Numbers we do not repeat yet
Pages of fasset.com give different figures for users, wallets, transaction volume and countries served, in one case on the same page. This page leaves all of them out.
A number belongs here once it has one value, one date and one source that a reader can open, such as an audited report or a regulator filing.
Until then, the facts on this page are the ones that can be checked: a licence number on a public register, a company number, addresses, dated announcements and published charges.
Editorial policy, contact and complaints
Every guide and product page on this site follows one editorial and AI-use policy: each fact carries a source and a date, and a named person checks AI-assisted drafts before they are published. The guides themselves are in Fasset guides.
For help, the page with contact details and office address lists the help centre form, the email address and the office of Fasset FZE. If something has gone wrong and support has not resolved it, the complaints procedure sets out the steps and the escalation route.
Timeline
- Fasset is founded, as the company states.
- VARA issues licence VL/23/07/002 to Fasset FZE.
- Series B of $51 million announced.
- Series C of $68 million announced.
- Launch date the company states for its Reserve card.
Check the licence at the source
The register entry takes a minute to read and does not depend on anything this page says. The entity-by-entity detail is on the licences page.
- Reference
- VL/23/07/002
- Status on 6 October 2026
- Active