HashKey Group, a digital asset firm based in Asia, has announced it received in-principle approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), according to a Jan. 13 statement.
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.
These requirements are even more stringent for companies with international 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. These services will cater to institutional and qualified retail investors within the Emirates and beyond.
Additionally, the move will enhance the firm’s over-the-counter (OTC) trading capabilities in the MENA region, emphasizing its focus on regulatory compliance.
Since its inception in 2018, HashKey has steadily expanded its global presence. The firm holds licenses in major jurisdictions, including Hong Kong, Singapore, Japan, and Bermuda.
Earlier this month, it secured VASP registration from the Irish Central Bank, enabling its European subsidiary to provide services like virtual asset transfers and custody. 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. Last year, HashKey launched its Ethereum layer-2 network and introduced its native token, HSK, as part of its broader ecosystem expansion.
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.
