HashKey Secures In-Principle Approval In Dubai

The Dubai Virtual Assets Regulatory Authority (VARA) has granted HashKey Group MENA’s Virtual Asset Service Provider (VASP) license application. With the approval, HashKey now has the authority to offer crypto services in the region. The approval also includes broker-dealer services.

HashKey Strengthening Presence in the Crypto Landscape

HashKey’s Middle East and North Africa arm has a significant grip, particularly in its over-the-counter trading division. According to the release, HashKey exemplifies its commitment to complying with regulatory guidelines. This puts the trading platform in a position to offer investors a secure and efficient environment in which to trade digital assets.

This is not the first approval HashKey has acquired in the Middle East and Asia. The group has licenses from Japan, Singapore, and Hong Kong. HashKey’s Europe subsidiary recently obtained regulatory approval for a VASP in Ireland.

HashKey, with the approval, could offer custodian wallet services and crypto trading in the European market. Securing Ireland’s license is a calculated move to clinch a share of the European Union’s large market. It competes with notable leaders like Coinbase, Gemini, and Crypto.com, all of which own VASP.

Expanding Horizons with Strategic Licenses

This development emphasizes the fast expansion of HashKey in the crypto space. Additionally, the group is actively seeking Markets in Crypto-Assets Regulation (MiCA) license. Besides the MiCA license, the exchange also unveiled an exchange after gaining a regulatory nod to operate in Bermuda.

The HashKey exchange offers spot trading services for several digital assets. These include Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and Circle (USDT).  Livio Weng, HashKey Group COO, says the expansion moves align with the group’s goal to establish one of the world’s largest chains of licensed exchanges.

Weng explained the group hopes to achieve the target within five years.

HashKey Provides New Offerings for Retail Investors

Meanwhile, Haskey has added Avalanche and Chainlink trading pairs to its listings for retail investors in a milestone development for retail users. Before the addition, only Bitcoin and Ethereum were available to users in Hong Kong.

The Hong Kong Securities and Futures Commission (SFC) only approved the two assets, and Avalanche and Chainlink’s addition expanded user options.