Dubai, United Arab Emirates: Morpheus Software Technology (trading as Fuze), MENA’s pioneering digital assets infrastructure provider, has today announced its approval from Dubai’s Virtual Asset Regulatory Authority (VARA) for a Virtual Asset Service Provider (VASP) Licence. This VARA licence enables Fuze to offer regulated virtual asset activities for Broker-Dealer Services.

Fuze, a first-of-its-kind platform, enables banks, fintechs and enterprises to embed regulated digital assets infrastructure and rapidly launch products from their native apps. This technology-first regulated infrastructure supports stablecoins, cryptocurrencies, CBDCs and tokenized assets.

Mohammed Ali Yusuf (Mo Ali Yusuf), co-Founder and CEO of Fuze said, “We thank VARA for assessing and approving our licence. VARA's comprehensive and consultative process demonstrates the robust framework at the heart of this booming industry. Across the UAE, digital assets businesses are being welcomed to a thriving ecosystem with regulation that matches rapid innovation and adoption. Businesses can now have full confidence in the regulated infrastructure that Fuze provides, as we support the world’s fastest-growing digital assets hub.”

The licence has been awarded to Fuze as it satisfies the specified requirements of the Virtual Assets and Related Activities Regulations 2023. Through this licence, the business will be able to serve customers through two core service lines: firstly, via digital assets as a service (DAAS) enabling banks, fintechs and enterprises to integrate B2B2C digital asset products natively into their channels and secondly, through a regulated Over-The-Counter (OTC) service providing investors with a technology-first option for executing institutional-level digital asset trading with ease and efficiency.

Fuze’s experienced team includes industry veterans and technology specialists across banking, decentralized finance, cryptocurrency, blockchain and fintech. The business recently announced a $14mn Seed funding round, the largest Seed for a digital assets start-up in MENA history. Regulatory licensing was identified as a crucial part of the company’s journey and with its new VARA license, Fuze has achieved an important strategic objective towards building the future of finance in MENA.

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About VARA

Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

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About Fuze

Fuze is a first-of-its-kind, regulated digital assets infrastructure platform in MENA. Driven by a solutions-based approach, Fuze helps financial services providers to strategise, organise and implement digital assets infrastructure and quickly, securely launch regulated, world-class products.

Fuze offers a Digital-Assets-as-a-Service platform which enables banks and fintechs to integrate and embed regulated digital assets products in a B2B2C fashion, as well as an Over-The-Counter (OTC) service, supporting institutions, funds and HNIs (high net-worth individuals) to interface and conduct larger trades of digital assets.

In August 2023, Fuze announced a record-breaking seed funding of $14mn, the largest of its kind for a digital assets infrastructure startup in the region. The round was led by Further Ventures with participation from New York’s Liberty City Ventures. The team at Fuze supports the rapidly accelerating digital assets ecosystem, working collaboratively with regulators on a long term view of the industry.

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