Dubai Fasset Gets Malaysia Banking License to Launch Shariah-Compliant Stablecoin Bank – A First Globally

Fasset, a Dubai and Jakarta-based digital banking and investment platform, has received a provisional banking license from Malaysia to operate the world’s first stablecoin-powered Islamic digital ￰2￱ regulatory approval enables Fasset to offer Shariah-compliant savings, zero-interest accounts, investment services using stablecoins and tokenized assets, and global payments on-chain, targeting financial inclusion gaps across Muslim-majority regions in Asia and Africa, where access to halal asset-backed products remains ￰3￱ will be able to hold deposits, invest in US stocks, gold, and crypto, and spend through a planned Visa-linked crypto ￰4￱ also plans to roll out “Own,” an Ethereum Layer 2 network built on Arbitrum, to settle regulated real-world assets ￰5￱ company already processes more than $6 billion in annualized transaction volume across 125 countries and holds regulatory approvals in the UAE, Indonesia, the EU, Turkey, and ￰6￱ firm has also received authorization from Bahrain’s Central Bank to test blockchain-based asset tokenization solutions in 2020, obtained a Category 3 Crypto-Asset Service Provider license, and secured a Virtual Asset Service Provider license from Dubai’s Virtual Asset Regulatory Authority in November 2023.) in 2024, more than double 2023 ￰7￱ proposed reforms would allow specific tokens that meet predefined eligibility standards to list on regulated platforms without first securing SC approval, thereby reducing regulatory delays while requiring exchanges to segregate client assets from operational funds. @SecComMalaysia proposes regulatory enhancements to the digital asset exchange framework by accelerating token listings. #DigitalAssets #Malaysia ￰0￱ — ￰8￱ (@cryptonews) July 1, 2025 A June 2025 report by the ACCESS Blockchain Association also predicted that formalizing Malaysia’s crypto mining sector could generate RM700 million in hardware and infrastructure investments, create 4,000 jobs, and contribute approximately RM150 million in annual tax ￰9￱ report recommended developing Shariah-compliant mining models that leverage Malaysia’s leadership in Islamic finance by creating ethical operations that prioritize transparent governance and the use of renewable ￰10￱ Islamic Finance-Crypto Convergence Across the Middle East and Asia Binance launched its Sharia-compliant multi-token staking platform , Sharia Earn, in July 2025, officially certified by Amanie Advisors as the first of its kind ￰11￱ product offers staking for Binance Coin, Ethereum, and Solana in 31 countries, including Afghanistan, Bangladesh, Egypt, Indonesia, Pakistan, Qatar, Saudi Arabia, Turkey, and the ￰12￱ funds are staked through a Wakala agreement structure, enabling halal capital delegation with zero exposure to interest or excessive uncertainty. @Binance has launched Sharia Earn, a #sharia -compliant multi-token ( #BNB , #ETH , #SOL ) #staking platform, certified by@AmanieAdvisors.￰1￱ — ￰13￱ (@cryptonews) July 11, 2025 Back in September 2024, Bybit also launched its Islamic Account , certified by ZICO Shariah and CryptoHalal, offering spot trading for 75 selected cryptocurrencies, along with DCA and Spot Grid Bot trading ￰14￱ account addresses demand in the $5 trillion Islamic finance sector, offering Shariah-compliant crypto trading options for Muslim traders worldwide, except in regions with legal restrictions.

Similarly, ￰15￱ signed an agreement with Dubai Islamic Bank to introduce Sharia-compliant products , including tokenized Islamic sukuks and real-world asset ￰16￱ platform, which has over 100 million global users, has acquired Orion Principals Limited, a regulated entity by the Abu Dhabi Global Market, and launched its AED Wallet, allowing deposits and withdrawals in local ￰17￱ UAE recorded $34 billion in crypto inflows for the year ending mid-2024, representing a 42% year-over-year growth and a crypto app user base of 15 million.