Fasset Receives Malaysian License for Stablecoin-Based Islamic Digital Bank

Fasset Receives Malaysian License for Stablecoin-Based Islamic Digital Bank
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The crypto platform Fasset has secured a license from the Malaysian government to launch a digital bank focused on Islamic finance principles, which plans to utilize a stablecoin as its primary medium of exchange, according to CoinDesk.

Fasset’s digital bank will be the first of its kind to integrate digital assets with the principles of Sharia compliance. While the final product will adhere to Islamic finance rules, which prohibit interest (riba) and pure monetary speculation (gharar), the bank will issue and use a stablecoin to facilitate transactions.

The company plans to initially roll out services for Malaysian citizens, leveraging the country’s supportive regulatory framework for fintech and Islamic banking. This move is positioned to bridge the gap between traditional Islamic finance and the rapidly evolving world of digital assets, offering a new, transparent, and decentralized banking model.