Company Overview - Fasset, a digital banking and investment platform based in Dubai and Jakarta, has received a provisional banking license from Malaysia to operate the world's first stablecoin-powered Islamic digital bank [1] Regulatory Approval and Services - The regulatory approval allows Fasset to offer Shariah-compliant savings, zero-interest accounts, investment services using stablecoins and tokenized assets, and global payments on-chain, addressing financial inclusion gaps in Muslim-majority regions in Asia and Africa [2] - Fasset plans to enable customers to hold deposits, invest in US stocks, gold, and cryptocurrencies, and utilize a Visa-linked crypto card for spending [3] Transaction Volume and Global Reach - The company processes over $6 billion in annualized transaction volume across 125 countries and holds regulatory approvals in the UAE, Indonesia, the EU, Turkey, and Pakistan [3] Blockchain and Tokenization - Fasset has received authorization from Bahrain's Central Bank to test blockchain-based asset tokenization solutions and has secured various licenses, including a Category 3 Crypto-Asset Service Provider license and a Virtual Asset Service Provider license from Dubai's Virtual Asset Regulatory Authority [4] Market Potential in Malaysia - Malaysia's crypto market revenue is projected to reach approximately $484.1 million by 2025, with active users expected to plateau around 2.8 million, positioning the country among the top 50 globally for crypto adoption by transaction volume [4] Regulatory Developments - The Securities Commission of Malaysia proposed significant changes to its digital asset exchange regulatory framework, following record trading volume of RM13.9 billion ($2.9 billion) in 2024, more than double the levels of 2023 [5] - Proposed reforms would allow specific tokens meeting predefined eligibility standards to list on regulated platforms without prior approval, reducing regulatory delays [6] Economic Impact of Crypto Mining - A report by the ACCESS Blockchain Association 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 revenue [7]