Dubai VARA Grants HashKey In-Principle Approval For VASP Application
HashKey Group announced on Monday that its Middle East and North Africa division has been granted an in-principle license approval from Dubai.
The Dubai Virtual Assets Regulatory Authority (VARA) has given the green light to HashKey MENA’s application for a Virtual Asset Service Provider (VASP) license. The final regulatory approval allows the exchange to offer crypto services, including broker-dealer, as stated in the press release.
Furthermore, the group’s presence in the region is a significant advancement for its over-the-counter trading division.
“HashKey OTC emphasizes its commitment to a compliance-first approach, providing investors with a secure and efficient environment for digital asset trading,” the release stated.
The group has already obtained licenses from major jurisdictions, including Hong Kong, Singapore, and Japan. Last week, HashKey’s European subsidiary received approval for a VASP in Ireland, establishing the region as a rapidly evolving crypto hub.
Additionally, HashKey is actively pursuing the crypto regulation (MiCA) license in Europe, which would enhance the exchange’s presence in the key international market.
“Just a week ago, we obtained VASP registration approval from the Central Bank of Ireland, and now, with the In-Principle VASP Approval in Dubai, our global footprint continues to expand,” the group wrote on X.
Furthermore, the group recently launched an exchange after being granted a license to operate in Bermuda in April 2024. HashKey Exchange offers spot trading services for 21 digital assets, including BTC, ETH, USDT, and USDC.
“HashKey Group aims to establish one of the world’s largest clusters of licensed exchanges within the next 5 years, surpassing all current regulated exchanges,” said Livio Weng, COO of HashKey Group, at the time.
In 2024, HashKey, headquartered in Hong Kong, achieved unicorn status following a fundraising round that helped meet its $100 million fundraising target.
