HashKey Secures Dubai Virtual Asset License, Strengthening Global Expansion

HashKey Group, a leading digital asset firm based in Asia, has achieved a significant milestone in its global expansion strategy by obtaining in-principle approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This approval, announced on January 13, positions the company to establish a strong foothold in the Middle East and North Africa (MENA) region.

The provisional license aligns with HashKey’s ambition to broaden its international presence. Dubai's regulatory framework demands rigorous compliance from firms, particularly those with global aspirations, making this approval a testament to HashKey’s commitment to meeting the highest standards. Securing a permanent VASP license will enable the company to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to institutional and qualified retail investors within the UAE and beyond.

This move also enhances HashKey’s over-the-counter (OTC) trading capabilities in the region, underscoring its focus on maintaining regulatory compliance while expanding service offerings.

Since its establishment in 2018, HashKey has consistently grown its global footprint, acquiring licenses in major financial hubs such as Hong Kong, Singapore, Japan, and Bermuda. Earlier this month, the company received VASP registration from the Irish Central Bank, granting its European subsidiary the ability to provide virtual asset transfers and custody services. This achievement highlights HashKey’s adherence to Europe’s stringent anti-money laundering regulations.

HashKey’s expansion is further complemented by its innovative contributions to the crypto ecosystem. In 2023, the company launched an Ethereum layer-2 network and introduced its native token, HSK, as part of its ecosystem development. Despite recent market fluctuations—HSK has seen a 9% drop in the past 24 hours, trading at $1.69 per CoinGecko data—the firm’s forward-thinking initiatives reinforce its reputation as a global leader in the digital asset space.