HashKey Group, a prominent digital asset firm headquartered in Asia, has recently announced a significant milestone in its expansion strategy. The company has received in-principle approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), as reported in a statement released on Jan. 13.
This approval signifies HashKey’s strategic move towards establishing a strong presence in the Middle East and North Africa (MENA) region. The company’s focus on global expansion is evident, with VARA’s stringent regulations serving as a critical framework for compliance in Dubai.
In order to secure a permanent VASP license, HashKey must meet specific regulatory obligations outlined by VARA. Once fully licensed, HashKey’s MENA subsidiary will be authorized to provide Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to institutional and qualified retail investors in the Emirates and beyond.
The approval will also bolster HashKey’s over-the-counter (OTC) trading capabilities in the MENA region, underscoring the firm’s commitment to regulatory adherence. Since its establishment in 2018, HashKey has expanded its footprint globally, holding licenses in key jurisdictions such as Hong Kong, Singapore, Japan, and Bermuda.
Earlier this month, HashKey obtained VASP registration from the Irish Central Bank, enabling its European subsidiary to facilitate virtual asset transfers and custody services. This achievement reflects HashKey’s compliance with Europe’s stringent anti-money laundering regulations.
In line with its innovative approach in the crypto space, HashKey recently launched an Ethereum layer-2 network and introduced its native token, HSK, as part of its ecosystem expansion. Despite recent price fluctuations, HashKey remains steadfast in its commitment to driving innovation and solidifying its position as a global leader in the digital asset industry.
The company’s continuous efforts to explore new markets and enhance its service offerings exemplify its dedication to staying at the forefront of the evolving digital asset landscape. As HashKey continues to expand its global reach and advance its technological solutions, it is poised to shape the future of the digital asset industry.