- HashKey has received the In-Principle Approval for the Dubai VASP License.
- Recently, HashKey Group secured VASP registration approval from the Central Bank of Ireland.
HashKey Group, one of the biggest digital asset financial services providers, has received an In-Principle Approval (IPA) for the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This approval came after registration approval from the VASP, the Central Bank of Ireland, only a week prior.
In addition, HashKey MENA FZE, the Dubai branch of the Group, will be licensed at completion to provide Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail, qualified, and institutional investors in the Emirate of Dubai.
This will strengthen HashKey’s over-the-counter (OTC) trading arm, HashKey OTC, and further expand its OTC-regulated products in the Middle East. OTC side has shown its intention to maintain a compliance-first mentality by guaranteeing a safe and effective trading environment for digital assets.
In contrast, HashKey Group’s regulatory portfolio is still expanding, where the licenses of Hong Kong, Singapore, Japan, and Bermuda have been obtained. Moreover, they are actively applying for an EU Market in Crypto-Assets (MiCA) license for the European Union.
The European MiCA license is to forecast covering a full regulatory framework for cryptocurrency services throughout Europe. It also provides another degree of credibility and regulatory compliance to HashKey’s services.
The approval by VARA underestimates the advancement of HashKey OTC, as it expands its regulated activities in the Middle East. Acceptance of the VASP license in Dubai will allow HashKey MENA FZE to set up the regulatory system. It will cater to a wide range of clients such as retail, qualified, and institutional investors.
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