Fasset Virtual Entity List


This Virtual Asset Standards Policy (the Policy) outlines the standards by Fasset, as a Virtual Asset Service Provider (VASP), adheres to when providing Virtual Asset (VA) activities in alignment with the Virtual Assets Standards (VAS). This Policy aims to ensure the listing, trading, and handling of VAs complies with the highest legal, ethical, and professional standards.


In accordance with VAS, Fasset has established the following standards:

a. VA Standards Establishment: We have established a comprehensive framework of standards for all the VAs in relation to which we provide VA Activities [VA Standards].

b.Due Diligence : Prior to and during the provision of any VA activities, we will take all reasonable steps to ensure all VAs meet these standards. This includes conducting relevant due diligence.

c. Public Disclosure Sheets: Our disclosures and reviews of the VAs will be disclosed on our website.


This Policy applies to all VAs, including cryptocurrencies, tokens, and any digital representations of value that may be listed on our platform. This policy does not apply to any non-digital assets or securities.


Fasset assesses each VA based on a comprehensive set of criteria, which includes but is not limited to the following:

a. Market Metrics: Assessment of the VAs market capitalization, fully diluted value, and liquidity. Consideration of whether these metrics have trended downwards over time.

b. Design and Use Cases : Examination of the VAs design, features, and use cases, whether or not intended by the issuer or relevant developers.

c. Compliance with Laws and Regulations: Features which may materially affect compliance with applicable laws, regulations, rules or directives, including but not limited to AML/CFT, sanctions, securities, intellectual property.

d. Regulatory Treatment: Consideration of the regulatory treatment by VARA and other appropriate authorities, including those outside of the Emirate, and whether the issuance of the VA has received any regulatory approvals.

e. Prohibitions: Investigation of whether a VA is prohibited by VARA or any other appropriate authorities in jurisdictions in which the VASP will provide VA activities.

f. Security of DLT Protocol: Assessment of the security and immutability of the underlying Distributed Ledger Technology (DLT) protocol.

g. Future Development: Evaluation of the VAs future development (e.g., roadmap) as communicated by the issuer and/or relevant developers.

h. Price Manipulation: Assessment of susceptibility to price manipulation and the mitigations to be implemented by the VASP.

i. Conflict of Interest: Assessment of potential or actual conflicts of interest that may arise from a VASP providing any VA activities in relation to the VA and the relevant mitigations.

j. Issuer Background: Evaluation of the background of the issuer including relevant experience in the VA sector and whether it has been subject to any investigations or claims in relation to fraud or deceit.

k. Asset Rights: If the VA represents rights to any other assets, the enforceability of such rights is evaluated.

l. Asset Availability: : Confirmation that sufficient assets are available to satisfy any obligations with respect to any VA activities.

m. Term and Condition Alignment: Ensuring that VA terms and conditions reflect the operation of any existing underlying physical market, avoiding adverse impacts to such a market, where applicable.

n. Risk Analysis: Comprehensive evaluation of the risks associated with the VA, including market volatility, cybersecurity threats, investor protection, and technological vulnerabilities.

o. Governance: Assessment of the governance framework and mechanisms in place to ensure transparency, accountability, and compliance with legal and regulatory requirements within the VA ecosystem.


As part of our Policy, Fasset has developed a comprehensive Ratings Framework that helps evaluate and rank VAs we consider for listing and other activities. This framework is designed to ensure a consistent, transparent, and objective assessment of each VA, while also providing clear and comprehensive information to our stakeholders. The following elements are considered in the VA:

a. Empowerment: This aspect looks at whether a certain entity or initiative focuses on poverty alleviation, healthcare, education, or other areas that empower individuals or communities.

b. Equitable : This criterion examines whether there is a promotion of equitable outcomes, fair distribution of resources, or equal access to opportunities within a particular context.

c. Sustainable: This factor assesses whether there is a focus on practices or initiatives that promote sustainability, environmental responsibility, or alignment with the Sustainable Development Goals (SDGs).

d. Eco-friendly: This aspect evaluates the environmental impact of a certain entity or initiative and looks at whether it minimizes harm to the environment, reduces carbon footprint, or promotes eco-friendly practices.

e. Real-economy linked: This criterion examines the connection between a certain entity or initiative and the real economy, which refers to the production, consumption, and distribution of goods and services in the physical world.

f. Opportunity Creation: This aspect explores whether a certain entity or initiative facilitates the creation of economic opportunities, job growth, or enables individuals to engage in productive activities.

g. Use of smart and emerging technologies: This factor assesses the extent to which a certain entity or initiative utilizes advanced technologies, such as artificial intelligence, blockchain, or other emerging technologies, to innovate or improve its operations.

h. Transparency and disclosures: This criterion examines the level of openness, accountability, and provision of relevant information by a certain entity or initiative, including financial disclosures, operational practices, or decision-making processes.

i. Governance: This aspect evaluates the systems, structures, and processes in place to ensure effective oversight, accountability, and responsible management of a certain entity or initiative.

j. Charitable: This criterion explores whether a certain entity or initiative incorporates philanthropic or charitable elements, such as donating to charitable causes, supporting community initiatives, or engaging in social impact activities.


In addition to the management, Fasset has the following departments which are involved in analysing VAs before they are listed:

a . Legal and compliance

b . Product Development

c . Ethics and Impact


a. Product Team Ideation: The product team will initially identify a potential VA for list purposes. They will gather all the necessary information and documents, and screen them initially.

b. Legal and Compliance Review: The legal and compliance team will review the application against the listing criteria, regulatory and legal criteria. This review may include technical analysis, market analysis, legal review, and risk assessment.

c. Ethical Review: Our Ethics and Impact department will review the VAs from an ethical perspective, ensuring it is equitable, ethical and in line with the values of Fasset.

d. Management Review: If the review is successful, the VA will be escalated to the management for review.

e. Approval: The VA will be listed with regulatory bodies if necessary for approval.

f. Review: After listing, the VA will be continuously monitored to ensure it continues to meet all regulatory, legal and internal requirements.


We commit to maintaining a high level of transparency in our listing process. Detailed information about the listing criteria and process will be publicly available.


This policy will be reviewed and updated regularly to reflect the evolving VA landscape and regulatory standards. Changes will be communicated promptly to all relevant

10. Virtual Asset Activity Suspension Protocols:

Fasset shall establish clear and concise conditions under which Virtual Asset Activities related to a particular Virtual Asset may be suspended. These conditions include:

a. Non-compliance with Virtual Asset Standards: If a Virtual Asset fails to maintain compliance with VAS, a suspension of activities related to that VA may be enforced. These standards pertain to, but are not limited to, regulatory compliance, risk profile, operational stability, and market integrity.

b. Regulatory Changes: Should there be any changes in the regulatory environment that affect a particular VA’s legal standing or its ability to comply with the updated regulations, Fasset may suspend all activities related to that asset.

c. Operational Issues: If the Virtual Assets underlying technology, blockchain or network experiences significant operational issues affecting its functionality, availability, or security, Fasset may suspend activities related to that asset.

d. Market Manipulation or Unfair Practices: If theres evidence of market manipulation, misleading or deceptive conduct, insider trading, or any other unfair practices linked to a VA, Fasset may suspend all related activities to protect clients and the integrity of the market.

e. Security Breach: In the event of a security breach or cyberattack associated with a particular VA, Fasset reserves the right to suspend all activities linked to that asset to safeguard the interests of its clients and maintain the platforms security.

f. Asset Volatility :Extreme and abnormal price volatility of a VA may lead to temporary suspension to protect investors from excessive market risks.

Such conditions will be activated when a VA no longer aligns with this policy and VAS. In the event such conditions are met, Fasset is obligated to activate and adhere to all necessary operational procedures and controls to mitigate risks and ensure the integrity of the platforms operations.

11. Notification and Mitigation Procedures:

Upon the recognition that a VA fails to meet VAS, Fasset shall promptly notify the VARA. Following such notification, Fasset will undertake all necessary steps as directed by VARA to minimize any adverse impact on clients resulting from the non-compliance of the VAS with the VA Standards.

12. Record Keeping and Inspection Compliance:

Fasset is committed to maintaining all records pertinent to VA assessments for a duration of eight years. These records include, but are not limited to, VA vetting processes, monitoring reports, and activity suspension records. In compliance with VARA regulations, Fasset will readily provide such records for inspection by VARA upon request. This adherence to strict record-keeping standards ensures accountability and transparency in all Virtual Asset activities carried out on the Fasset platform.