HashKey enters Irish crypto market with a VASP License

Hong Kong-based cryptocurrency exchange HashKey has received a license to offer various crypto-related services in Ireland.

In an announcement made by the company on January 7, it was stated that Asia’s leading cryptocurrency exchange entered the Irish market by obtaining a Virtual Asset Service Provider license from the Central Bank of Ireland through HashKey Europe Limited, a member of the HashKey Group.

The license allows the cryptocurrency exchange to offer a variety of crypto-related services, including fiat-to-crypto and crypto-to-crypto trading, custodial wallet services, and transfer of virtual assets on behalf of customers.

Beyond Ireland and Hong Kong, Haskey continued to expand its global footprint and secure licenses in Singapore, Japan and Bermuda.

The company, which recently launched utility token HASK, sees expansion into Ireland as “a critical step towards strengthening its presence in key international markets,” according to the announcement.

The license comes as part of the European Union CryptoAsset Markets Regulation, which introduces compulsory licensing requirements for all crypto service providers operating in the region from 30 December 2024.

To date, the Central Bank of Ireland has approved 16 virtual asset service providers, including Ripple, Paysafe, MoonPay, Gemini and Coinbase.

Under MiCAR, VASPs are required to comply with stringent Anti-Money Laundering and Combating the Financing of Terrorism measures. Additionally, firms are subject to comprehensive assessments of their operational resilience, security protocols and management, and the suitability and integrity of beneficial owners.

Exchanges also face stricter reporting requirements, including enhanced monitoring of large and high-value transactions, with additional obligations to ensure transparency and compliance with regulatory standards.

In September last year, Central Bank of Ireland Governor Derville Rowland reiterated the country’s commitment to balancing innovation with security under the MiCA framework. He said at the time that crypto regulations played an important role in ensuring Ireland remained a safe and forward-thinking financial centre.