HashKey Group, a prominent digital asset service provider in Asia, has announced that its Middle East and North Africa (MENA) subsidiary has been granted conditional approval for its Virtual Asset Service Provider (VASP) license application by the Dubai Virtual Assets Regulatory Authority (VARA). This marks a significant step forward in HashKey MENA’s expansion strategy within the region.
The conditional approval opens the door for HashKey MENA FZE to offer a wide range of services, including Virtual Asset Exchange and Virtual Asset Broker-Dealer services, to retail, qualified, and institutional investors inside and outside the Emirate of Dubai. This move is expected to benefit HashKey OTC, the Group’s over-the-counter trading arm, which will now operate under a regulated framework in the Middle East.
VARA, which governs virtual assets in Dubai’s free zones and mainland, aims to enhance the Emirate’s position in the global digital economy, ensure regulatory compliance, and protect investors from fraudulent practices. To maintain the validity of its permit, HashKey MENA must adhere to VARA’s regulatory requirements and meet higher standards if operating outside of Dubai.
This approval follows HashKey Group’s recent expansion into the European market. On January 7, 2025, HashKey Europe Limited secured VASP registration approval from the Central Bank of Ireland, marking the Group’s first VASP license in the EU. This aligns with the company’s global compliance efforts, as HashKey is actively working toward obtaining a Markets in Crypto-Assets (MiCA) license to strengthen its presence in Europe.
Earlier in December 2024, the European Union fully implemented the MiCA framework, introducing comprehensive regulations aimed at addressing challenges such as fraud, market instability, and investor protection within the crypto space.
Additionally, the HashKey Group recently launched its platform token, HSK, which saw an all-time high of $2.59 in December 2024. However, as of January 13, the token is trading at $1.76, reflecting a 7.03% decline in value over the past 24 hours.
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