According to Bloomberg, digital asset trading platform Fasset has raised $22 million in its Series A funding round.

The round was led by venture capital firms Liberty City Ventures and Fatima Gobi Ventures. Second, it is focused on Pakistani initiatives. Funding was also provided by Soma Capital, MyAsiaVC and others.

Investments will be directed towards expansion in Indonesia and Pakistan as well as the development of new products. The startup is in talks with regulators to launch services in the specified regions.

“We are working with some of the most prominent Islamic finance lawyers and opinion leaders to introduce the masses to how Muslims can interact with the rising wealth class in accordance with Sharia law,” said Mohammad Raafi Hossain, co-founder of the initiative.

Some Islamic countries are skeptical of cryptocurrencies. In November 2021, the Indonesian National Religious Council declared them haram, that is, a ban for devout Muslims. At the same time, the country’s secular authorities allow residents to transact with digital assets and even tax this activity.

Fasset said that Indonesia will allow it to operate as a full-service cryptocurrency exchange in May. A similar license has already been obtained in Pakistan.

Recall that in January 2021, the CoinMENA bitcoin exchange received a license from the Bank of Bahrain and a certificate of compliance with Sharia laws from the Sharia Review Bureau.