HashKey Group, a prominent digital asset firm based in Asia, has recently made a significant announcement regarding its expansion into the Middle East and North Africa (MENA) region. 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 January 13.
This milestone represents a crucial step in HashKey’s strategic plan to broaden its global footprint. In order to operate in Dubai, companies must comply with VARA’s stringent regulations, particularly those with international aspirations. Securing a permanent VASP license will be contingent upon HashKey meeting these regulatory requirements.
Upon obtaining full licensure, 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. This move will also bolster the firm’s over-the-counter (OTC) trading capabilities in the MENA region, underscoring its dedication to regulatory compliance.
Since its establishment in 2018, HashKey has been steadily expanding its global presence, holding licenses in key jurisdictions such as Hong Kong, Singapore, Japan, and Bermuda. The company’s recent achievement of VASP registration from the Irish Central Bank further demonstrates its commitment to regulatory compliance, enabling its European subsidiary to offer services like virtual asset transfers and custody.
HashKey’s proactive approach to entering new markets exemplifies its commitment to driving innovation in the crypto space. In the past year, the firm introduced its Ethereum layer-2 network and launched its native token, HSK, as part of its ecosystem expansion.
Despite recent price fluctuations, with the HSK token experiencing a 9% drop over the past 24 hours and trading at $1.69 according to CoinGecko data, HashKey remains steadfast in its mission to solidify its position as a global leader in the digital asset industry.
In conclusion, HashKey’s receipt of in-principle approval for a Dubai VASP license underscores its dedication to regulatory compliance and strategic expansion into the MENA region. With a strong focus on innovation and a commitment to global growth, HashKey continues to make significant strides in the evolving landscape of digital assets.