HashKey Group, a leading crypto exchange operator worldwide, is happy to announce that the in-principle acceptance of the MENA entity of the company for a Virtual Asset Service Provider License has been granted through the Virtual Assets Regulatory Authority (VARA) in Dubai. The development places HashKey at a critical next step in reaching its objective to extend its regulated footprint in worldwide crypto markets.
The in-principle approval allows HashKey MENA to move forward with the final regulatory process, enabling it to provide virtual asset services, including broker-dealer operations, within the UAE. This approval underscores Dubai’s position as a forward-thinking crypto hub, attracting global players like HashKey.
According to a company statement, “HashKey OTC underscores its commitment to a compliance-first approach, offering investors a secure and efficient environment for digital asset trading.”
Strengthening a Global Presence
The approval by VARA also further complements the established licenses of HashKey Group in major jurisdictions such as Hong Kong, Singapore, and Japan. Most recently, the group received VASP approval in Ireland, extending its presence in Europe. With Ireland being a fast-evolving crypto hub, this really underlines HashKey’s strategic push to establish its brand in compliant, high-growth regions.
HashKey’s European expansion also involves applying for a Markets in Crypto-Assets license, a regulatory regime that will give it an edge in the rapidly maturing European crypto market.
Beyond the Middle East: Bermuda and Global Expansion
Earlier in 2024, HashKey launched its exchange in Bermuda after getting regulatory approval to operate. The exchange provides for spot trading of 21 different digital assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
HashKey is targeting the largest clusters of licensed exchanges globally in the next five years. According to Livio Weng, COO of HashKey Group, “Our aspiration is to surpass all existing regulated exchanges and create a robust, global crypto trading network.”
A Unicorn in the Making
In 2024, HashKey reached unicorn status after it raised US$100 million in funding. The milestone marks the success of the company in attracting investors and innovating in the competitive crypto landscape.
HashKey’s successes across various jurisdictions further show its commitment to compliance and a leading position in the global crypto-asset industry. With the VARA approval, HashKey is all set to seal its position in the Middle East and beyond.
