In order to run assembly code that is designed for a particular device, you will need to run it with an emulator that specifically emulates that device. An x86 emulator like Qemu will be utterly incapable of running assembly code written for an ARM CPU core. This is not a case of "almost works", but it won't even be able to run the first instruction.
As mentioned by Jason S, emulating peripherals or anything outside the CPU core is very specific to the device you've got. Details can even differ between PCB revisions.
If you're just curious about what the assembly code is doing, you might be better off sitting down with the CPU reference manual, and examining each instruction in turn. If you're going to be doing any serious work with this device, you'll have to have that knowledge eventually anyway.