Fasset, a crypto-asset exchange gateway and provider of tokenization services, today announced that it has received three separate full authorizations from the Labuan Financial Services Authority (LFSA), in the Federal Territory of Labuan, Malaysia to commence operations from the country.
These licenses represent Fasset’s first full licensing outside of the Middle East. The company already has a presence in Bahrain and the UAE, having received authorization from the Central Bank of Bahrain to test its solutions for the tokenization of real assets in the country’s FinTech Regulatory Sandbox.
“We are honored 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.”
– Mohammad Raafi Hossain, CEO of Fasset
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 center 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.
“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.”
– Farah Jaafar-Crossby, CEO of Labuan IBFC of Malaysia