Fasset, fintech platform based in UAE, has launched IOWN, the Ethereum layer-2 blockchain approved by the government in Malaysia. IOWN was built for the creation, management, and distribution of Real World Asset (RWA).
Fasset based in UAE and the launch of the new Ethereum layer-2 supported by the government in Malaysia
Fasset, fintech company based in UAE, has launched IOWN, the Ethereum layer-2 blockchain, the first to be approved by the government in Malaysia.
Specifically, the Credit Token Licence of Fasset has been approved by the Labuan Financial Services Authority (Labuan FSA), the regulatory body of the Labuan IBFC in Malaysia.
IOWN, so called to emphasize the individual ownership of assets, is indeed focused on the ownership of Real World Asset (RWA).
In practice, IOWN would turn out to be the first chain Ethereum L2 supported by a governmental regulatory authority, built for the creation, management, and distribution of RWA.
The objective of the new layer-2 will be to enable the growth of a trust ecosystem for projects and end users who wish to engage in a wide range of RWA, from commodities and real estate to stocks and bonds listed on the stock exchange.
Not only that, Fasset aims to create 30 million asset owners through IOWN by 2030.
Fasset of the UAE and the first layer 2 of Ethereum supported by the government
The peculiarity of this new Ethereum layer 2 blockchain, IOWN, is precisely that it is “regulated”. This means that the network can offer developers an ecosystem that allows them to meet the specific legal, regulatory, and operational requirements of the different asset classes.
For end users, on the other hand, IOWN provides a decentralized, open-source, and immutable environment, allowing them to invest with simplicity and security in their chosen assets.
In this regard, Mohammad Raafi Hossain, CEO and co-founder of Fasset, stated:
“Our mission is to promote a future where financial inclusion and empowerment are not privileges but universal rights. The launch of IOWN is a huge step forward towards this ambition of bringing previously inaccessible opportunities to emerging markets. With IOWN, the promise of blockchain is fully realized – not just technological innovation, but also a tangible impact on global economic disparity, lighting the way for a future where everyone shares in the fruits of the digital economy.”
At the same time, Nik Mohamed Din Nik Musa, director general of Labuan FSA, also emphasized how IOWN aligns with the Masterplan for the Labuan Shariah-Compliant Blockchain Hub. The goal for the Malaysian government entity is precisely to transform the Labuan IBFC into a digital financial hub.
Fasset has accumulated a wide portfolio of digital asset licenses in emerging markets, connecting places like the UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
The layer 2 increase
Recently, it has been highlighted how the layer 2 are improving the performance of Ethereum.
In particular, the development of the L2 chain landscape, built on top of the main L1, is solving several problems for Ethereum such as scalability and interoperability.
Yet, while on one hand there are solutions, on the other the increasingly massive presence of these networks creates damage in terms of liquidity fragmentation, making the entire crypto ecosystem increasingly dispersive.
