HashKey MENA FZE Receives Conditional VASP License Approval from Dubai’s VARA

HashKey Group, a prominent digital asset service firm in Asia, announced that its Middle East and North Africa subsidiary, HashKey MENA FZE, has received conditional acceptance for its Virtual Asset Service Provider (VASP) license application from the Dubai Virtual Assets Regulatory Authority (VARA). This approval is a significant milestone in HashKey’s expansion and compliance strategies.

If HashKey MENA FZE successfully obtains the VASP license, it will be authorized to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail, qualified, and institutional investors within and outside the Emirate of Dubai. This development will also likely benefit HashKey OTC, the Group’s over-the-counter trading arm, with expanded regulated activities across the Middle East.

VARA’s Objectives and Regulations

VARA, the regulatory body overseeing virtual assets in Dubai’s free zone and mainland, aims to maintain the Emirate’s competitive position in the digital economy, develop regulations, and protect investors by curbing illegal practices. To secure the official VASP license, HashKey must comply with VARA’s prescribed actions and conditions, as well as adhere to higher standards implemented locally or abroad if activities extend beyond Dubai.

HashKey’s Global Compliance Strategy

Since its inception in 2018, HashKey Group has established offices supporting financial technologies in various locations worldwide, including Hong Kong, Singapore, Japan, and Bermuda. The Group recently expanded into the Irish market, with HashKey Europe Limited receiving VASP registration approval from the Central Bank of Ireland on January 7. This approval marks HashKey Group’s first VASP license in the EU and ensures full compliance with the EU’s Fifth Anti-Money Laundering Directive.

HashKey Europe Limited is now authorized to offer a range of regulated services, including exchanges between virtual and fiat currencies, transfers of virtual assets, and custodian wallet services. In addition to expanding its operations, HashKey Group is actively seeking a Markets in Crypto-Assets (MiCA) license to solidify its footprint in European markets.

The European Union’s implementation of the MiCA framework on December 30, 2024, established a unified set of rules for the crypto industry across member states, addressing issues such as fraud, market instability, and inadequate investor protection.

Key Takeaways:

  • HashKey MENA FZE receives conditional VASP license approval from Dubai’s VARA.
  • The approval enables HashKey to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to investors in and outside Dubai.
  • HashKey Group has established a global presence with offices in various locations, including Hong Kong, Singapore, Japan, and Bermuda.
  • HashKey Europe Limited received VASP registration approval from the Central Bank of Ireland, marking the Group’s first VASP license in the EU.
  • The European Union’s MiCA framework aims to establish a unified set of rules for the crypto industry across member states.

Stay up-to-date with the latest news on Global Crypto News for more information on cryptocurrencies, investing, and finance.

Post Views: 0