Areeba Rashid

HashKey’s Strategic Leap: Conditional Approval in Dubai Unlocks New Opportunities

HashKey, MENA, MiCa, Regulations, VARA, VASP License

HashKey
  • HashKey Group secures conditional VASP license approval from Dubai’s VARA, advancing regulated virtual asset services in the region.
  • Approval positions HashKey MENA to serve retail, qualified, and institutional investors, boosting its presence in Dubai and beyond.
  • With a growing global footprint, HashKey reinforces its leadership in digital asset services through compliance and expansion strategies.

HashKey Group a leading Asian firm that specializes in the provision of digital asset services has recently made a significant disclosure. On January 13, the Middle East and North Africa subsidiary got approval on a VASP license with conditions. This acceptance was given by the Dubai Virtual Assets Regulatory Authority (VARA).

HashKey’s Dubai Expansion

The approval brings the HashKey MENA FZE closer to providing the regulated virtual asset services in Dubai. These are Virtual Asset Exchange Services and Broker-Dealer Services. The services will include retail Qualified Institutional Buyers and institutional investors within and outside the country. This development will also be expected to support HashKey OTC, the group’s over the counter trading arm, in the region.

VARA has been instrumental in overseeing the virtual asset industry in the city of Dubai. It protects investors, eliminates dishonest conduct, and enhances the emirate of Dubai within the digital economy. For HashKey to be granted a full VASP license, VARA has set some basic conditions that must be met, and these include; compliance with both local and international standards.

Since its establishment in the year 2018, HashKey Group has been on the expansion spree in its international operations. It is active in the major centers of the financial market such as Hong Kong, Singapore, Japan, and Bermuda.

Pursuing MiCA Compliance

As reported by CWJ that the group achieved its milestones in the European market. HashKey Europe Limited got the VASP registration from the Central Bank of Ireland on January 7th. This is HashKey’s first VASP license in the European Union region. The approval will help it to meet the requirements of the EU’s Fifth Anti-Money Laundering Directive.

The group also wants to acquire a Markets in Crypto-Assets (MiCA) license to enhance its operations in the European market. The MiCA framework which will be operative across the EU by December 2024 solves some of the major problems that the crypto industry faces. It seeks to prevent and detect fraud, manage risks in markets and protect investors.

As a part of market activity, HashKey also uses its platform token named HSK. The token hit a peak of $2.59 on December 20, 2024. As of writing this, on 13th of January, it is trading at $1.69 with a 24-hour decline of 9.35%.

Having received conditional approval from VARA, HashKey is one step closer to increasing its presence in the Middle East. The milestone can be seen as a clear sign of the group’s focus on the compliance and its aspirations in the world of digital assets. This development thus further cements HashKey’s position as one of the pioneers in the provision of future virtual asset services globally.

Areeba Rashid

Areeba Rashid