How will the latest authorization by Dubai’s Virtual Assets Regulatory Authority (VARA) impact HashKey MENA FZE’s growth plans and regulatory adherence?
In simpler terms, HashKey Group, a digital asset company based in Asia, shared in a press statement on January 13 that their Middle East and North Africa branch has been given tentative approval for their application to become a licensed Virtual Asset Service Provider by the Dubai Virtual Assets Regulatory Authority.
Should HashKey secure the VASP license, their MENA FZE branch would be authorized to provide Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to a variety of investors, including retail, qualified, and institutional ones, not just within Dubai but also beyond its borders.
This green light could also mean a victory for HashKey OTC, our over-the-counter trading division, as it may allow for an increase in regulated activities throughout the Middle East, according to the press statement.
In simpler terms, VARA – responsible for regulating virtual assets across Dubai’s free zone and the mainland – aims to achieve multiple key goals. These objectives involve preserving Dubai’s edge in the digital economy market, creating appropriate regulations, and ensuring investor safety by preventing unlawful activities.
As stated by the rulebook of VARA (Virtual Asset Regulatory Authority), a company’s permit needs to adhere to actions and conditions specified by VARA in order to remain valid. If operations extend beyond Dubai, the organization must also comply with stricter standards – either those enforced locally or internationally. For HashKey to obtain the official VASP (Virtual Asset Service Provider) license, it must meet all required criteria.
HashKey’s global compliance strategy
Starting in 2018, HashKey Group set out on a journey to expand digital asset possibilities throughout Asia. Since then, they have opened offices dedicated to financial technology in multiple international destinations, including Hong Kong, Singapore, Japan, and Bermuda.
Last week on the 7th of January, I was thrilled to learn that my investment group, HashKey, made its debut in the Irish market. Specifically, HashKey Europe Limited, one of our subsidiaries, secured approval for Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. This move not only expands our global reach but also reinforces our commitment to regulatory compliance and growth within the crypto industry.
As an analyst, I’m thrilled to announce that the approval we’ve received marks a significant milestone for HashKey Group – our first Virtual Asset Service Provider (VASP) license within the European Union. This approval ensures our full adherence to the EU’s Fifth Anti-Money Laundering Directive, fortifying our commitment to combat financial crimes.
With this license, HashKey Europe Limited is now equipped to offer a wide range of regulated services. These include facilitating exchanges between virtual and traditional currencies, managing virtual asset transfers, and providing custodian wallet services. This expansion not only bolsters our global presence but also underscores our dedication to upholding the highest standards of regulatory compliance.
Beyond growing its existing activities, HashKey Group is aggressively pursuing a license for Crypto-Assets Trading to strengthen its presence and establish roots in the European market.
By December 30, 2024, the European Union had completed the implementation of the MiCA framework, creating a uniform set of regulations for the cryptocurrency sector within its member nations. This move was prompted by persistent problems like fraud, market volatility, and insufficient investor protection that have persistently challenged the burgeoning crypto market.
The Hashkey Platform Token (HSK) was recently introduced on the platform and hit an unprecedented peak of $2.59 on December 20, 2024. However, as of January 13th, its trading value has dropped to $1.76, representing a 7.03% decrease in price over the past day.
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2025-01-13 09:30