Fasset: the Islamic digital bank alternative for a USD account, USDT and card spending
Fasset is an interest-free money app and an alternative to an Islamic digital bank, not a licensed bank: Fasset FZE holds VARA Broker-Dealer licence VL/23/07/002 in Dubai, and the app combines a USD account, USDT buying and selling and a prepaid Visa card, with the legal entity behind each service named on the page.
Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection. Read the risk disclosure for virtual assets.
Register entry
- Entity
- Fasset FZE
- Regulator
- Virtual Assets Regulatory Authority (VARA), Dubai
- Licence number
- VL/23/07/002
- Licensed activities
- Broker-Dealer Services
- Issued
- Status
- Active
- Register
- VARA public register entry
Fields as read on the VARA public register on .
- VARA licence VL/23/07/002Held by Fasset FZE. See the licences and regulatory disclosures.
- Not a bank: no deposit guaranteeBalances are not bank deposits.
- Custody technology partner: FireblocksAs stated by Fasset FZE.
- Fees last reviewed Card, USD account and FX fees.
What you can do with Fasset
Three services, each provided by a named company and each with a published cost or limit.
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VL/23/07/002VARA licence held by Fasset FZE
Buy and sell USDT in the UAE
Fasset FZE buys and sells USDT for clients under its VARA licence for Broker-Dealer Services, which covers activity carried on in or from Dubai and permits retail clients.
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$0to receive a payment by ACH
Get paid in dollars with a USD account
Receive payments from US bank accounts by ACH, free, to account details in your own name. A dedicated USD IBAN costs $9.99 once and $0 a month. It is not a bank account.
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2,000 USDdaily spending limit
Spend with the Fasset Card
A prepaid virtual Visa card that you top up in USDT and spend in USD, with Apple Pay and Google Pay. Issuance costs 9.99 USDT. Fasset Labuan Limited provides it.
Who provides what: licences and scope
Fasset is a group of companies, and the one you deal with depends on the service. Each status below is read from a public register, stated by the company, or still to be confirmed.
Fasset FZE, Dubai
Verified on the register
Fasset FZE is licensed by the Virtual Assets Regulatory Authority (VARA) and holds a VASP Licence for Broker-Dealer Services, number VL/23/07/002, issued on 30 November 2023. The VARA register entry for Fasset FZE shows the licence as active. It covers Broker-Dealer Services carried on in or from Dubai.
Fasset Labuan Limited, Malaysia
To be confirmed
Fasset Labuan Limited provides the Fasset Card and is the contracting party in the global user agreement. Its status with the Labuan Financial Services Authority has no number and no register link on fasset.com, so this page makes no licence claim for it.
Fasset Financial Services W.L.L., Bahrain
Stated by the company
Fasset Financial Services W.L.L. (CR No. 175702-1) says in its user agreement that it is “licensed by the Central Bank of Bahrain with a Category-3 License”. The licence number and the register entry are still to be confirmed.
No Fasset entity states a banking licence on fasset.com, so balances are not bank deposits and no deposit guarantee scheme covers them. See the licences and regulatory disclosures, the legal entities behind Fasset and the terms of use, which say which entity you contract with.
Fees at a glance
Three published charges, with the date they were last checked. Fasset does not publish a retail fee or spread for buying and selling USDT, so none is shown here.
| Service | Fee | When it applies |
|---|---|---|
| Fasset Card | 9.99 USDT | Once, when the card is issued |
| Dedicated USD IBAN | $9.99 | Once, at issuance. The monthly fee is $0 |
| Currency conversion | 0.35% | On sends from the USD balance to an account in another currency |
Last reviewed . Figures are those published on fasset.com on 6 October 2026.
Interest-free by design, with screening you can check
Fasset states one rule for everything it offers: all accounts, services and investments are delivered without interest. That rule is what makes Fasset an alternative to an Islamic digital bank. It does not make Fasset a bank: no Fasset entity states a banking licence.
Screening is published as a list. The Shariah reports page on fasset.com labels 240 assets: 188 as Shariah compliant and 52 as not compliant. The page names no reviewer, method or review date, so this site does not call Fasset or any of its products certified.
Scholars disagree about crypto, and the answer depends on the asset and its use. Is crypto halal? sets out the main rulings and a way to screen a coin. The About page records what Fasset publishes about Shariah governance and what is missing.
How your assets, account and card are protected
Custody of virtual assets
Fasset FZE states that it protects client virtual assets through a partnership with Fireblocks, using multi-party computation (MPC) cryptography and hardware isolation.
Card controls
You can freeze and unfreeze the Fasset Card in the app instantly, and the card details appear only after a biometric or PIN check.
What is not protected
Balances are not bank deposits. Your investments do not benefit from any form of financial protection, and USDT is a stablecoin issued by Tether, not by Fasset.
One rule to remember
Fasset never asks for your password, your 2FA code or your recovery codes.
If a message, a caller or a website asks for them, do not answer. Write to [email protected].
Learn before you move money
Three guides answer the questions people ask first, each with its sources and dates. For information only. Not investment, legal, tax or religious advice.
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Is crypto halal?
Scholars disagree. The main permitting and prohibiting rulings, the tests they apply and how to screen a coin.
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Is crypto legal in the UAE?
Yes, when you use a licensed firm. Which regulator covers Dubai, ADGM and DIFC, and how to check a licence on a public register.
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How a USD account works
What account details are, how ACH and SWIFT differ, what each costs and who holds the money.
Browse all Fasset guides to halal crypto, UAE crypto law and USD accounts, or read the editorial policy behind them.
Get the app, get help
The Fasset app is listed on the App Store (app ID 1599893605) and on Google Play (package com.fasset.cashapp), the two official downloads. Download the Fasset app from the app page.
- Help centre
- Send a support request, or contact Fasset support through the other channels.
- [email protected]
- Complaints
- The steps and the escalation route are on how to make a complaint.
- Office
- Fasset FZE, EO 09, Floor 13, Sheikh Rashid Tower, Dubai World Trade Center, Dubai, UAEThe address on the VARA register.