News

New digital asset exchange targets GCC investors

Digital ageDigital asset exchange operator, Fasset, is planning to launch a new exchange designed to give institutional investors in the Gulf Cooperation Council (GCC) greater access to digital assets. The Fasset Exchange will offer 0% trading fees along with sign-up rewards and is promising “near-instant access and liquidity for both real asset-backed tokens and cryptocurrencies. Investors can currently sign up to the private beta version with a public launch expected later in the year and then an expansion across the Mena region planned over the next two years. “While the last decade has seen a rise in cryptocurrency usage, persisting complexities – from trading to payments systems – hinder true mass adoption,” said Mohammad Raafi Hossain, chief executive at Fasset and a former technology advisor to the UAE prime minister’s office. “In addition, the volatility and high-risk nature of digital assets makes the asset class unapproachable for the majority of investors as investors are unable to gauge their value.” Consequently, accessing digital assets has been an onerous process for GCC investors, stated Hossain. “It is our belief that every investor should have a healthy, risk-assessed allocation in digital assets. As such, we look forward to offering investors and asset owners across MENASA convenience and true diversification like they’ve never seen before.” Digital assets and cryptocurrencies have received varied treatment from the various national regulators in the region. Whereas the likes of Qatar have been very wary of the virtual asset class, other states such as the UAE and Bahrain have looked to be more. © 2020 funds global mena

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