HashKey Gets Approval from Dubai’s Virtual Assets Authority

What does the recent approval from Dubai’s VARA mean for HashKey MENA FZE’s expansion and compliance strategies?

HashKey Group, a digital asset service company operating in Asia, announced in a press release on January 13 that its subsidiaries in the Middle East and North Africa have received conditional acceptance from the Dubai Virtual Assets Regulatory Authority to apply for a Virtual Asset Service Provider license.

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 is able to obtain its VASP licence, the group’s MENA FZE will be able to offer Virtual Asset Clearing Services and Virtual Asset Broker-Dealer Services to retail, qualified and institutional investors within and outside the Emirate of Dubai.

This green light will also likely be a win for HashKey OTC, the Group’s over-the-counter trading arm, with expanded regulated operations in the Middle East, the press release states.

VARA, the regulatory body that oversees virtual assets both in Dubai’s free zone and on the mainland, has several main 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 governed by VARA, for a company’s permit to remain valid, it must comply with the actions and conditions prescribed by VARA. Additionally, if operations exist outside Dubai, the organization must comply with higher standards applied locally or abroad. HashKey must meet all criteria to secure the official VASP license.

HashKey’s global compliance strategy

HashKey Group, which undertook the mission of spreading digital asset opportunities to Asia in 2018, established offices supporting financial technologies in various parts of the world such as Hong Kong, Singapore, Japan and Bermuda.

Earlier this month, on January 7, HashKey Group launched into the Irish market. HashKey Europe Limited, a member of the HashKey Group, has received VASP registration approval from the Central Bank of Ireland.

This approval marks HashKey Group’s first VASP license in the EU and is in full compliance with the EU’s Fifth Anti-Money Laundering Directive. It allows HashKey Europe Limited to offer a variety of regulated services, including swaps between virtual and fiat currencies, transfers of virtual assets and custodial wallet services.

In addition to expanding its operations, HashKey Group is actively seeking a Crypto Asset Markets license to consolidate its footprint in the European markets.

On December 30, 2024, the European Union fully implemented the MiCA framework, creating a unified set of rules for the crypto industry among member states. This was in response to ongoing issues such as fraud, market instability and lack of strong investor protection that have long plagued the growing crypto space.

The platform recently launched the Hashkey Platform Token (HSK), which reached an all-time high of $2.59 on December 20, 2024. As of January 13, HSK is trading at $1.76, reflecting a 7.03% decline in its price over the past 24 years. hour.