Fasset has announced IOWN, an Ethereum layer 2 blockchain for Real World Assets (RWA). Based in the UAE, the company states that it has moved forward with the project following the approval of its Credit Token Licence from the Labuan Financial Services Authority (Labuan FSA), the regulator of the Labuan IBFC in Malaysia. As one may expect, IOWN reflects digital asset ownership.
Fasset says it worked directly with the regulator to establish IOWN.
Fasset says it will strive to create 30 million asset owners through IOWN by 2030.
While at the MIFC event in London, Fasset CEO and founder Mohammad Raafi Hossain, described his platform as pursuing financial inclusion by enabling universal rights. He said that IOWN can have an impact on global economic disparity.
Nik Mohamed Din Nik Musa, Director-General of Labuan FSA, said they are playing a pivotal role in advancing Islamic finance.
“The IOWN Blockchain is in line with the Masterplan for Labuan Shariah-Compliant Blockchain Hub launched in May this year, to transform Labuan IBFC into a digital financial hub and a launch pad for blockchain technology, establishing a complete digital ecosystem. We are excited to see the integration of technology-driven innovation and Islamic finance harnessing within a well-regulated environment in Labuan IBFC. We believe that IOWN will set a new bar for the industry and Labuan FSA is optimistic that these new breakthroughs will pave the way for greater advancements in the global Islamic finance landscape moving forward.”
In 2022, Labuan FSA announced the launch of the Islamic Digital Assets Center (IDAC) as an alternative platform to conventional digital finance. IDAC is said to be the world’s first Web3 sandbox promoting advanced Islamic Finance products.