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SoftConstruct's FasTToken is first cryptocurrency to receive license from Abu Dhabi

2022-03-18
United Arab Emirates
Reading time 1:08 min

SoftConstruct’s official cryptocurrency, FasTToken (FTN), announced it is set to boost tokenized economy in Abu Dhabi as it became the first to acquire the electronic currency license from the capital of the United Arab Emirates (UAE), and will now allow all partners and end-users to reap the benefits of the ecosystem by settling all business arrangements with any brand under the SoftConstrucy umbrella using FTN. 

Being of Ethereum’s ERC20 standard, the token sale of FTN along with the whitepaper and token distribution will be announced in the coming month. The given approval provides FasTToken the right to practise a financial activity regarding the issuance, cancellation and registration of the depository certificates and any rights related. 

It also includes a financial activity concerned with mediating in securities trading operations by receiving trading orders related to non-regulated derivative contracts (OTC Derivatives) or currencies in the spot market (Forex Spot Market) and executing them and conducting clearing and settlement operations related to their implementation.

Among the secured rights are also establishments that carry out the activities of designing, creating, and programming electronic currencies. This includes encryption of currencies through programmed codes through which currency cannot be counterfeited.

In an official press release, Vigen Badalyan, CEO and Founder of FasTToken, spoke and said: “This FasTToken initiative has always had a colossal potential since the very first day of its origin. The crypto industry right now is the most forward-looking and fastly developing. Receiving legal approvals from influential organs is a mark of trust, security and excellence. The approval granted from Abu Dhabi has a paramount importance, not only for FasTToken as a business, but SoftConstruct too, which carries the title of parent company, yet now with а greater pride.”

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