Key Takeaways:
- HashKey MENA received in-principle VASP approval from Dubai’s VARA, enabling cryptocurrency services in compliance with local regulations.
- The firm plans to expand across MENA, offering trading, custody, and other digital asset services, adhering to compliance standards.
- HashKey aims for a MiCA license in Europe, signaling global growth and strategic alignment with Dubai’s regulatory leadership.
HashKey MENA, the Middle East arm of the global digital asset group HashKey, has received in-principle approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The conditional approval, announced on January 13, positions the firm to offer cryptocurrency services within Dubai’s regulated framework.
Accordingly, the approval marks a significant step for HashKey MENA as it plans to expand operations in the Middle East and North Africa (MENA) region. Once fully licensed, the company will be able to provide trading, custody, and other digital asset services, adhering to VARA’s compliance standards.
“In doing so, HashKey OTC underscores its commitment to a compliance-first approach, offering investors a secure and efficient environment for digital asset trading,” said Hashkey in the announcement.
Also, the exchange firm highlighted in a post on X that its recent licensing by Dubai’s VARA came just after a week of receiving the same license from the Central Bank of Ireland. “And now, with the In-Principle VASP Approval in Dubai, our global footprint continues to expand,” said Hashkey in the post.
Furthermore, the exchange company revealed that it was seeking a MiCA license in Europe “to further strengthen our presence in key international markets.”
Hashkey MENA In-Principle VASP License: Dubai’s Growing Role in Cryptocurrency Regulation
VARA, established in 2022, has emerged as a global leader in cryptocurrency oversight, setting clear regulations for digital asset firms operating within the emirate. The agency’s licensing framework aims to ensure transparency, security, and compliance for businesses while fostering innovation in the blockchain sector.
HashKey’s conditional license aligns with Dubai’s strategy to attract blockchain and cryptocurrency companies by providing a regulated environment. The emirate’s regulatory clarity has already drawn major players in the industry, positioning Dubai as a leading global hub for virtual asset innovation.
With the in-principle approval, HashKey MENA must fulfill additional requirements to obtain a full VASP license. Once operational, the company’s presence in Dubai could contribute to the region’s evolving cryptocurrency landscape, aligning with VARA’s goal of establishing a secure, innovative digital asset ecosystem.
