- HashKey earns a VASP license in Ireland, offering trading, wallets, and crypto transfers.
- MiCA regulations boost Ireland’s appeal, making it a strategic hub for HashKey’s growth.
- HashKey expands globally with Ireland, joining key markets like Hong Kong and Singapore.
HashKey Europe, the Irish branch of the Hong Kong-based HashKey Group, has been granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland. This is a major development in HashKey’s growth strategy for the European market.
Under the VASP license, HashKey can provide a plethora of crypto services in Ireland. They comprise fiat-crypto, crypto-crypto trading, custody of crypto wallets, and transfer of crypto assets. The license also allows HashKey to do with the issuance and sale of virtual assets under the laws of Ireland.
HashKey Secures VASP
Ireland has made it mandatory for all crypto firms to adhere to the recent regulation of the European Union’s Fifth Anti-Money Laundering Directive (AMLD5). This ensures compliance with very high Anti-Money Laundering and Countering the Financing of Terrorism standards. HashKey’s approval, therefore, speaks to the company’s willingness to meet such high standards.
It comes as the European Union’s new Markets in Crypto-Assets Regulation or MiCA goes into force. MiCA requires that crypto providers accomplish VASP registration within three months. Old VASP regime firms are allowed to operate for one year or until they get approval or rejection of their application.
According to HashKey, Ireland is one of the strategic markets for its expansion to the international level. It comes as the Group has operation licenses in other areas such as Bermuda, Hong Kong, Singapore, and Japan. This step increases HashKey’s presence on the global map in the highly competitive crypto sector.
MiCA’s Role in Innovation
Derville Rowland, the deputy governor of the Central Bank of Ireland has applauded MiCA for providing a structure that advances the cause of inclusive finance. She said that MiCA will increase access to finance and improve the regulatory process through engaging the industry.
Rowland highlighted two main priorities for MiCA implementation: amending the measures for enhancing cooperation between Member States and European Supervisory Authorities as well as for the simplification of the authorization process with the increase of participation of the crypto sector.
HashKey’s approval is evidence of the increasing potential of Ireland as a location for digital assets companies. The current forward thinking regulatory environment is to entice more international crypto enterprises to invest in the country.
With this milestone, HashKey further consolidates its leadership within the crypto space, while continuing to build a compliant and forward-thinking business. As HashKey looks to expand its business, Ireland is a crucial player in the new landscape of cryptocurrency regulation.
