Fintech startup Fuze receives operational broker dealer licence from Dubai’s Virtual Asset Regulatory Authority
Digital assets infrastructure provider Fuze has announced its approval from Dubai’s Virtual Asset Regulatory Authority (VARA) for a Virtual Asset Service Provider (VASP) Licence. This VARA licence enables Fuze to offer regulated virtual asset activities for Broker-Dealer Services.
Fuze, a first-of-its-kind platform, enables banks, fintechs and enterprises to embed regulated digital assets infrastructure and rapidly launch products from their native apps. This technology-first regulated infrastructure supports stablecoins, cryptocurrencies, CBDCs and tokenized assets.
Mohammed 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.”
The licence has been awarded to Fuze as it satisfies the specified requirements of the Virtual Assets and Related Activities Regulations 2023. Through this licence, the business will be able to serve customers through two core service lines: firstly, via digital assets as a service (DAAS) enabling banks, fintechs and enterprises to integrate B2B2C digital asset products natively into their channels and secondly, through a regulated Over-The-Counter (OTC) service providing investors with a technology-first option for executing institutional-level digital asset trading with ease and efficiency.
Fuze’s experienced team includes industry veterans and technology specialists across banking, decentralized finance, cryptocurrency, blockchain and fintech. The business recently announced a $14 million Seed funding round, the largest round for a digital assets start-up in MENA history. Regulatory licensing was identified as a crucial part of the company’s journey and with its new VARA license, Fuze has achieved an important strategic objective towards building the future of finance in MENA.