HashKey Group Receives In-Principle Approval for Dubai VASP License
HashKey Group, a leading digital asset firm based in Asia, has recently announced that it has received in-principle approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This marks a significant milestone in the company’s expansion into the Middle East and North Africa (MENA) region.
Strategic Expansion into MENA Region
The provisional approval obtained by HashKey Group aligns with its long-term strategy to broaden its global reach. In order to operate in Dubai, VARA’s regulations mandate that firms meet specific compliance standards, particularly for companies with international ambitions.
- HashKey Group’s ability to secure a permanent VASP license will depend on meeting these regulatory obligations.
Authorization for Virtual Asset Services
Once fully licensed, HashKey’s MENA subsidiary will be authorized to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services. These services will cater to institutional and qualified retail investors within the Emirates and beyond.
- Enhancement of over-the-counter (OTC) trading capabilities in the MENA region, emphasizing focus on regulatory compliance.
Global Presence and Expansion
Since its establishment in 2018, HashKey Group has significantly expanded its global presence, holding licenses in major jurisdictions such as Hong Kong, Singapore, Japan, and Bermuda. Earlier this month, the company also secured VASP registration from the Irish Central Bank for its European subsidiary.
- Expansion into new markets showcases HashKey’s commitment to innovation in the crypto space.
Commitment to Innovation
Last year, HashKey Group launched its Ethereum layer-2 network and introduced its native token, HSK, as part of its broader ecosystem expansion. Despite recent price volatility, HashKey’s forward-looking approach continues to solidify its position as a global leader in the digital asset industry.
