Dubai VARA Grants HashKey In-Principle Approval For VASP Application
HashKey Group announced on Monday that its Middle East and North Africa division has received preliminary approval for a license from Dubai.
The Dubai Virtual Assets Regulatory Authority (VARA) has granted in-principle approval for HashKey MENA’s application for a Virtual Asset Service Provider (VASP) license. This final regulatory approval allows the exchange to offer cryptocurrency services, including broker-dealer services, as stated in the press release.
Furthermore, the group’s presence in the region signifies significant progress 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 press release stated.
The group has already obtained licenses from prominent jurisdictions such as Hong Kong, Singapore, and Japan. Last week, HashKey’s European subsidiary received approval for a VASP license in Ireland, highlighting the region’s emergence as a rapidly evolving cryptocurrency hub.
Additionally, HashKey is actively pursuing a crypto regulation (MiCA) license in Europe, further enhancing its 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 reach continues to expand,” the group wrote on X.
Furthermore, the group recently launched an exchange in Bermuda after acquiring a license to operate. As of 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 currently regulated exchanges,” said Livio Weng, COO of HashKey Group, during the fundraising round in which the company achieved unicorn status by meeting its $100 million fundraising target.