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

Fasset, a Dubai and Jakarta-based digital banking and funding platform, has received a provisional banking license from Malaysia to function the world’s first stablecoin-powered Islamic digital financial institution.

The regulatory approval permits Fasset to supply Shariah-compliant financial savings, zero-interest accounts, funding companies utilizing stablecoins and tokenized belongings, and world funds on-chain, focusing on monetary inclusion gaps throughout Muslim-majority areas in Asia and Africa, the place entry to halal asset-backed merchandise stays restricted.

Customers will probably be ready to maintain deposits, put money into US shares, gold, and crypto, and spend by a deliberate Visa-linked crypto card. Fasset additionally plans to roll out “Own,” an Ethereum Layer 2 community constructed on Arbitrum, to settle regulated real-world belongings on-chain.

The firm already processes greater than $6 billion in annualized transaction quantity throughout 125 nations and holds regulatory approvals within the UAE, Indonesia, the EU, Turkey, and Pakistan.

The agency has additionally obtained authorization from Bahrain’s Central Bank to take a look at blockchain-based asset tokenization options 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.

Malaysia Emerges as Hub for Shariah-Compliant Crypto Innovation

Malaysia’s crypto market income is expected to attain roughly $484.1 million in 2025, with lively customers plateauing around 2.8 million, inserting the nation within the prime 50 globally for crypto adoption by transaction quantity.

Stablecoins are gaining recognition as regulatory frameworks evolve to make clear their remedy underneath central financial institution authority, with ongoing discussions targeted on facilitating stablecoin use in cross-border funds and native monetary inclusion.

The nation’s Securities Commission proposed sweeping changes to its digital asset exchange regulatory framework in July 2025, following file buying and selling quantity of RM13.9 billion ($2.9 billion) in 2024, greater than double 2023 ranges.

The proposed reforms would permit particular tokens that meet predefined eligibility requirements to listing on regulated platforms with out first securing SC approval, thereby decreasing regulatory delays whereas requiring exchanges to segregate shopper belongings from operational funds.

@SecComMalaysia proposes regulatory enhancements to the digital asset change framework by accelerating token listings. #DigitalAssets #Malaysiahttps://t.co/EV3L8ir6m1

— Cryptonews.com (@cryptonews) July 1, 2025

A June 2025 report by the ACCESS Blockchain Association additionally predicted that formalizing Malaysia’s crypto mining sector may generate RM700 million in {hardware} and infrastructure investments, create 4,000 jobs, and contribute roughly RM150 million in annual tax income.

The report really helpful creating Shariah-compliant mining fashions that leverage Malaysia’s management in Islamic finance by creating moral operations that prioritize clear governance and the usage of renewable vitality.

Growing Islamic Finance-Crypto Convergence Across the Middle East and Asia

Binance launched its Sharia-compliant multi-token staking platform, Sharia Earn, in July 2025, formally licensed by Amanie Advisors as the primary of its variety globally.

The product presents staking for Binance Coin, Ethereum, and Solana in 31 nations, together with Afghanistan, Bangladesh, Egypt, Indonesia, Pakistan, Qatar, Saudi Arabia, Turkey, and the UAE.

All funds are staked by a Wakala settlement construction, enabling halal capital delegation with zero publicity to curiosity or extreme uncertainty.

@Binance has launched Sharia Earn, a #sharia-compliant multi-token (#BNB, #ETH, #SOL) #staking platform, licensed by @AmanieAdvisors.https://t.co/VV3UT1XMgT

— Cryptonews.com (@cryptonews) July 11, 2025

Back in September 2024, Bybit also launched its Islamic Account, licensed by ZICO Shariah and CryptoHalal, providing spot buying and selling for 75 chosen cryptocurrencies, together with DCA and Spot Grid Bot buying and selling instruments.

The account addresses demand within the $5 trillion Islamic finance sector, providing Shariah-compliant crypto buying and selling choices for Muslim merchants worldwide, besides in areas with authorized restrictions.

Similarly, Crypto.com signed an agreement with Dubai Islamic Bank to introduce Sharia-compliant products, together with tokenized Islamic sukuks and real-world asset tokenization.

The platform, which has over 100 million world customers, has acquired Orion Principals Limited, a regulated entity by the Abu Dhabi Global Market, and launched its AED Wallet, permitting deposits and withdrawals in native foreign money.

The UAE recorded $34 billion in crypto inflows for the 12 months ending mid-2024, representing a 42% year-over-year progress and a crypto app person base of 15 million.

The Middle East, total, attracted roughly $338.7 billion in crypto inflows final 12 months, rating because the seventh-largest crypto economic system worldwide.

Saudi economist Ihsan Buhulaiga, a former member of the Shura Council, has recently called for Gulf Arab states to set up a unified regulatory framework for cryptocurrencies, urging GCC nations to collaborate on crypto rules due to coverage disparities throughout the area.

During the identical interval, the UAE issued regulatory approval for AE Coin, a brand new stablecoin pegged to the UAE dirham and absolutely backed by reserves held throughout the nation.

The submit Dubai Fasset Gets Malaysia Banking License to Launch Shariah-Compliant Stablecoin Bank – A First Globally appeared first on Cryptonews.