A statement released by the Dubai Virtual Assets Regulatory Authority on January 13 announced that HashKey Group of Asia has been granted in principle approval to operate as a Virtual Asset Service Provider.
This development marks the next step in the company’s expansion into the Middle East and North Africa (MENA) region.
The provisional approval aligns with HashKey’s long-term strategy to broaden its global reach. VARA’s regulations require firms to meet specific compliance standards in order to operate in Dubai.
This requirement is even stricter for businesses with global ambitions. So, HashKey’s ability to secure a permanent VASP license will depend on meeting these regulatory obligations.
Once fully licensed, HashKey’s MENA subsidiary will gain authorization to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services. The services are available to qualified institutional investors and retail investors in the Emirates.
Additionally, the move will enhance the firm’s over-the-counter (OTC) trading capabilities in the MENA region, emphasizing its focus on regulatory compliance.
HashKey’s global reach has grown steadily since its launch in 2018. Firms licensed in Hong Kong and Singapore as well as Japan, Bermuda, Bermuda, Bermuda, Japan.
In the first week of this month it received VASP certification from Ireland’s Central Bank. The registration allows HashKey Europe to perform services including virtual asset transfers, and custodial management. This approval also highlights HashKey’s adherence to Europe’s strict anti-money laundering regulations.
The company’s broader push into new markets highlights its commitment to innovation in the crypto space. HashKey introduced HSK as its native token and launched the Ethereum layer-2 platform last year.
Despite recent price volatility—CoinGecko data shows the token has dropped over 9% in the past 24 hours, trading at $1.69—HashKey’s forward-looking approach continues solidifying its position as a global leader in the digital asset industry.
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