Bahrain Central Bank Issues World's First Hard Assets Tokenization License

Fintech company Fasset, a blockchain platform provider, has received permission to test its hard assets tokenization solutions in the regulatory sandbox of the Kingdom of Bahrain. The permit issued by the Bahrain Central Bank is the first of its kind in the world. The company has raised about USD 4.7 mln in preseed investments from strategic sponsors from the UAE, Saudi Arabia, Bahrain, Kuwait and Singapore.

Through its two flagship products – Fasset Enterprise Platform (FEP) and Fasset Exchange (FEX) — the company aims to increase investor access to assets that were previously illiquid, inaccessible, or had high barriers to entry. At the same time, asset owners can bypass expensive middlemen, list assets directly, gain quick access to liquidity, and attract a broader base of like-minded investors.

The thoughtful approach to regulation provides an attractive environment for fintech companies to take advantage of the country's economy, the most skilled workforce and the best operating costs, says Dalal BUHEJJI, director of business development and financial services at Bahrain Economic Development Board (EDB) in the region.

Image courtesy of Unlock Blockchain