Hong Kong Digital Assets Group Obtains Cryptocurrency License in the UAE

One step at a time. This could be the slogan of Hong Kong-based cryptocurrency exchange HashKey, as the company strives to expand its reach across the globe.

HashKey may be close to expanding its global reach after the company secured a deal Temporary license To provide cryptocurrency brokerage services in Dubai.

Win for HashKey

Hashkey Group A milestone has been achieved after Dubai’s cryptocurrency regulatory body gave the Hong Kong-based digital asset group the initial go-ahead to operate in the progressive Middle Eastern city.

“HashKey Mena FZE, a member of the HashKey Group, has obtained In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) to apply for a Virtual Asset Service Provider (VASP) license,” HashKey Group said in a statement. press release.

The leading Asian digital assets financial services group said that Dubai regulatory approval strengthens HashKey Group’s position as a “trusted leader in the virtual assets industry,” allowing the crypto asset services company to provide secure and transparent services to international clients.

HashKey’s global expansion reaches a new milestone! 🎯

🥳HashKey has received initial approval for a VASP license in Dubai.

💪Just one week ago, we received VASP registration approval from the Central Bank of Ireland, and now, with the initial VASP approval in Dubai,… pic.twitter.com/gJNnkDsL8h

– HashKey Group (@HashKeyGroup) January 13, 2025

The crypto financial services group explained that the initial approval granted by the regulatory office in Dubai represents a major achievement for the group because its subsidiary HashKey Middle East and North Africa can now serve the city’s investors.

The services you will provide

HashKey Group said that obtaining in-principle approval for a VASP license in Dubai will allow the Asian digital assets group to offer digital currency brokerage services to retail and institutional investors in the Middle East’s major city.

“Following final approval, the VASP license will allow HashKey Mena FZE to provide virtual asset exchange and virtual asset brokerage services in and from the Emirate of Dubai to retail investors, qualified investors and institutional investors.” The Crypto Services Group explained in a statement.

The group said this latest milestone will allow its over-the-counter trading arm to expand its “regulated offerings in the Middle East,” underscoring HashKey OTC’s commitment to a “compliance-first approach” and providing traders with a secure and efficient digital platform. Currency trading platform.

The UAE skyline. Image: CEPA

Expanding operations

HashKey Group continues to move towards its goal of increasing its global footprint and establishing itself as a trusted leader in the virtual assets space.

The group said that obtaining approval in Dubai is among its main gains towards international expansion.

“Just one week ago, we received VASP registration approval from the Central Bank of Ireland, and now, with initial VASP approval in Dubai, our global footprint continues to expand,” HashKey Group said in a post

The Asian Digital Assets Group also revealed that the group is seeking a Markets for Cryptoassets Regulatory License (MiCA) so it can operate in EU member states, further expanding its presence in key international markets.

HashKey Group said it currently has licenses to operate in Hong Kong, Singapore, Japan and Bermuda.

Featured image from SCMP, chart from TradingView