Fasset, a fintech platform based in the UAE, has launched IOWN, the Ethereum layer-2 blockchain approved by the government in Malaysia. IOWN is built for the creation, management and distribution of Real World Asset (RWA).
Fasset based in the UAE and launching the new Ethereum layer-2 supported by the government in Malaysia
Fasseta fintech company based in the UAE, has been launched IOWN, the Ethereum layer-2 blockchain, the first to be approved by the government in Malaysia.
Specifically, Fasset’s Credit Token license has been approved by the Labuan Financial Services Authority (Labuan FSA), the regulatory body of the Labuan IBFC in Malaysia.
IOWN, ostensibly to emphasize individual ownership of assets, is indeed focused on the ownership of Real World Asset (RWA).
In practice, IOWN would be the first chain Ethereum L2 supported by a government regulatory agencybuilt for creating, managing and distributing RWA.
The aim of the new layer 2 will be to enable the growth of a trust ecosystem for projects and end-users looking to deal with a wide range of risk-weighted assets, from commodities and real estate to listed equities and bonds.
Not only that, Fasset aims to create 30 million asset owners through IOWN by 2030.
UAE’s Fasset and Ethereum’s first layer 2 supported by the government
The special thing about this new Ethereum layer 2 blockchain, IOWN, is that it is “regulated”. This means that the network can provide developers with an ecosystem 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 in their chosen assets easily and securely.
In this regard Mohammed Raafi HossainCEO 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 to bring previously inaccessible opportunities to emerging markets. IOWN fully realizes the promise of blockchain – not only technological innovation, but also a tangible impact on global economic inequality, paving the way for a future where everyone shares in the benefits of the digital economy.”
At the same time, Nik Mohamed Din Nik Musa, Director General of Labuan FSA, also highlighted how IOWN aligns with the Labuan Shariah-Compliant Blockchain Hub Master Plan. The aim of the Malaysian government agency is precisely to transform the Labuan IBFC into a digital financial center.
Fasset has amassed a broad portfolio of digital asset licenses in emerging markets, connecting places like the UAE, Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.
The layer 2 increases
It was recently highlighted how the layer 2 improves the performance of Ethereum.
In particular, the development of the L2 chain landscape, built on top of the main L1, solves several issues for Ethereum, such as scalability and interoperability.
But while there are solutions on the one hand, the increasingly massive presence of these networks is causing damage in the form of liquidity fragmentation on the other, making the entire crypto ecosystem increasingly dispersed.
