HashKey Group announced on January 13, 2025, that its subsidiary in the Middle East and North Africa has received conditional approval for its Virtual Asset Service Provider (VASP) license application from the Dubai Virtual Assets Regulatory Authority.
The license will allow HashKey’s MENA FZE subsidiary to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail, qualified, and institutional investors inside and outside Dubai. This approval is also anticipated to benefit HashKey OTC, the group’s over-the-counter trading division, by expanding its regulated activities throughout the Middle East, as stated in the press release.
VARA, the regulatory authority overseeing virtual assets in Dubai’s free zone and mainland, aims to maintain the Emirate’s competitive position in the digital economy. The organization seeks to establish strong regulations and protect investors by addressing illicit activities. According to VARA’s rulebook, a company’s permit remains valid only if it follows the specified actions and conditions. Furthermore, if a company operates outside of Dubai, it must comply with stricter standards set either locally or internationally. HashKey must meet all requirements to obtain the official Virtual Asset Service Provider (VASP) license.
Founded in 2018, HashKey Group is focused on enhancing digital asset opportunities throughout Asia. The company has expanded its presence with offices in significant fintech hubs worldwide, including Hong Kong, Singapore, Japan, and Bermuda.
On January 7, 2025, HashKey Group expanded its presence in the European market by obtaining VASP (Virtual Asset Service Provider) registration approval from the Central Bank of Ireland for its subsidiary, HashKey Europe Limited. This approval represents HashKey Group’s first VASP license in the European Union, ensuring compliance with the EU’s Fifth Anti-Money Laundering Directive. With this license, HashKey Europe Limited can offer various regulated services, including virtual-to-fiat currency exchanges, asset transfers, and custodial wallet services; HashKey considers Ireland a vital market for its international expansion, complementing its existing operations there.
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