What does the recent approval from VARA Dubai mean for HashKey MENA FZE's expansion and compliance strategies?
HashKey Group, a digital asset service company in Asia, announced in its event press release on January 13 that its subsidiary in the Middle East and North Africa has accepted a contract for the Virtual Asset Service Provider license application from the Dubai Virtual Asset Regulatory Authority.
HashKey's Global Expansion Hits a New Milestone! 🎯
🥳HashKey has received an In-Principle Approval for Dubai VASP License.
💪Just a week ago, we secured VASP registration approval from the Central Bank of Ireland, and now, with the In-Principle VASP Approval in Dubai, our… pic.twitter.com/gJNnkDsL8h
— HashKey Group (@HashKeyGroup) January 13, 2025
If HashKey can obtain a VASP license, MENA FZE of the group can offer Virtual Asset Trading Services and Virtual Broker-Dealer Services to retail, qualified and institutional investors, inside and outside the Emirate of Dubai .
This green light is also likely to be a win for HashKey OTC, the Group's over-the-counter trading arm, with expanded regulated operations across the Middle East, the press release notes.
VARA, the regulatory body that oversees virtual assets both in the Dubai free zone and on the mainland, has several key objectives. These include maintaining the Emirate's competitive position in the digital economy, improving regulations, and protecting investors by preventing illegal practices.
According to the rulebook administered by VARA, a company license must comply with VARA's mandated functions and conditions to maintain validity. In addition, if there is an activity outside of Dubai, the organization must comply with the higher standards implemented locally or abroad. HashKey must meet all the criteria to get the official VASP license.
HashKey's global compliance strategy
Since starting its mission to spread digital asset opportunities across Asia in 2018, HashKey Group has established offices supporting financial technologies in various locations around the world, such as Hong Kong, Singapore, Japan, and Bermuda.
Earlier this month, on January 7th, HashKey Group expanded into the Irish market. HashKey Europe Limited, a member of the HashKey Group, received VASP registration license from Central Bank of Ireland.
This license marks HashKey Group's first VASP license in the EU and ensures full compliance with the EU's Fifth Anti-Money Laundering Directive. It enables HashKey Europe Limited to offer a variety of regulated services, including exchanges between virtual and fiat currencies, virtual asset transfers, and custodian wallet services.
In addition to expanding its operations, HashKey Group is actively seeking a Markets in Crypto-Assets license to consolidate its footprint in European markets.
On December 30, 2024, the entire European Union implemented MiCA framework, establishing a unified set of rules for the crypto industry across member states. This was in response to ongoing issues such as fraud, market instability, and lack of strong investor protection, which have plagued the growing crypto space.
The platform recently launched the Hashkey Platform Token (HSK), which is arrived changed to date +2.59 US dollars.
