Dubai VARA Grants HashKey In-Principle Approval For VASP Application

HashKey Group announced Monday that its Middle East and North Africa arm has received an in-principle license approval from Dubai.

The Dubai Virtual Assets Regulatory Authority (VARA) gave the greenlight for HashKey MENA’s Virtual Asset Service Provider (VASP) license application. The final regulatory approval allows the exchange to offer crypto services including broker-dealer, the press release noted.

Further, the group’s foothold marks significant progress for its over-the-counter trading division in the region.

“HashKey OTC underscores its commitment to a compliance-first approach, offering investors a secure and efficient environment for digital asset trading,” the release read.

The group has already acquired licenses from major jurisdictions, including Hong Kong, Singapore and Japan. Last week, HashKey’s European subsidiary obtained approval for a VASP in Ireland, marking the region as a fast-evolving crypto hub.

In addition to that, HashKey is also actively pursuing markets in crypto regulation (MiCA) license in Europe. This would foster the exchage’s presence in the key international market.

“Just a week ago, we secured VASP registration approval from the Central Bank of Ireland, and now, with the In-Principle VASP Approval in Dubai, our global footprint continues to expand,” the group wrote on X.

HashKey's Global Expansion Hits a New Milestone! 🎯

🥳HashKey has received an In-Principle Approval for Dubai VASP License.

💪Just a week ago, we secured VASP registration approval from the Central Bank of Ireland, and now, with the In-Principle VASP Approval in Dubai, our… pic.twitter.com/gJNnkDsL8h

— HashKey Group (@HashKeyGroup) January 13, 2025

Besides, the group also launched an exchange after winning a license to operate in Bermuda. In April, 2024. HashKey Exchange offers spot trading services for 21 digital assets, including BTC, ETH, USDT, and USDC.

“HashKey Group aims to establish one of the world’s largest clusters of licensed exchanges within the next 5 years, surpassing all current regulated exchanges,” Livio Weng, COO of HashKey Group, said at the time.

In 2024, Hong Kong-headquartered HashKey achieved unicorn status following a fundraising round that helped meet its $100 million fundraising target.