🌎 HashKey Gets Virtual Asset Service Provider License in Ireland

HashKey Secures License to Offer Crypto-Related Services in Ireland

Hong Kong-based cryptocurrency exchange HashKey has secured a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland, allowing the company to offer various crypto-related services in the country.

The license, granted to HashKey Europe Limited, a member of the HashKey Group, permits the exchange to provide services such as fiat-to-crypto and crypto-to-crypto trading, custodial wallet services, and the transfer of virtual assets on behalf of clients.

Global Expansion and Compliance

HashKey’s entry into the Irish market marks another significant step in the company’s global expansion. The exchange has secured licenses in several countries, including Singapore, Japan, and Bermuda, in addition to its home market in Hong Kong.

The license is part of the European Union’s Markets in Crypto-Assets Regulation (MiCAR), which introduced mandatory licensing requirements for all crypto service providers operating in the region starting December 30, 2024.

To date, the Irish Central Bank has approved 16 virtual asset service providers, including prominent players such as Ripple, Paysafe, MoonPay, Gemini, and Coinbase.

Regulatory Requirements and Compliance

Under MiCAR, VASPs must comply with stringent Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures. Firms must also undergo thorough assessments of their operational resilience, security protocols, and the fitness and probity of their management and beneficial owners.

Exchanges face stricter reporting requirements, including:

Enhanced monitoring of large and high-value transactions
Additional obligations to ensure transparency and compliance with regulatory standards

In a statement, Irish Central Bank Governor Derville Rowland emphasized the country’s commitment to balancing innovation with security under the MiCA framework. She highlighted the importance of crypto regulations in ensuring that Ireland remains a secure and forward-thinking financial hub.