Fasset, an encrypted asset exchange gateway and tokenization service provider, announced today that it has obtained three separate and comprehensive authorizations from the Labuan Financial Services Authority (LFSA) of the Federal Territory of Labuan, Malaysia, to conduct business in the country.
These licenses represent Fasset’s first full license outside the Middle East. The company has operations in Bahrain and the UAE and has been authorized by the Central Bank of Bahrain to test its actual asset tokenization solution in the country’s financial technology regulatory sandbox.
“We are honored to be licensed by LFSA. LFSA itself is a leader in regulating the financial technology industry and shaping the digital economy in the region. Obtaining these licenses is the starting point for Fasset’s expansion in Asia, as we strive to provide investors and consumers across the continent The opportunity for digital transformation and disruption in South Asia and Southeast Asia is ripe, and we plan to play a central role in accelerating the growth of digital assets and ESG sectors in these two regions.”
– Mohammad Raafi Hossain, CEO of Fasset
As an incubator for some of the most famous blockchain and digital asset projects, Labuan has established its strategic position in the region and cultivated a booming emerging technology landscape in the center of Southeast Asia. Labuan is traditionally known as a hub for investment, banking, oil and gas, and provides a gateway to the Asia-Pacific market.
LFSA was established in 1996 to promote and develop the island as an international business and financial services center. With the support of LFSA, Labuan has successfully attracted many technological and financial innovators to the coast of the territory.
“Labuan is a hotbed of innovation in the region, attracting some of the world’s most popular projects in emerging technologies. We are proud to be a financial and technological innovation center for pioneering companies such as Fasset, many of which choose to develop Southeast Asia on our coast Business. We believe that by supporting these innovative businesses, we can not only strengthen Malaysia, but also strengthen Southeast Asia together.”
-Farah Jaafar-Crossby, CEO of IBFC Labuan, Malaysia