HashKey Europe Secures VASP License from Ireland’s Central Bank

HashKey Europe, a subsidiary of the Hong Kong-based cryptocurrency exchange HashKey, has obtained approval for a virtual asset service provider (VASP) license from the Central Bank of Ireland.

The license paves the way for HashKey’s expansion into the European market, providing the regulatory framework to offer a variety of crypto-related services.

The approval enables HashKey Europe to conduct fiat-to-crypto and crypto-to-crypto exchanges, provide custodial wallet services, and facilitate the transfer of digital assets on behalf of clients, according to an official announcement.

Crypto Service Providers in Ireland Need to Register

Under the European Union’s Fifth Anti-Money Laundering Directive (AMLD5), all crypto service providers in Ireland are required to register with the central bank to meet Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards.

The licensing requirement, strengthened by the Markets in Crypto-Assets Regulation (MiCA) introduced on December 30, 2024, mandates all existing crypto service providers to register within three months or risk operational suspension.

“This is HashKey Group’s first VASP license fully compliant with the EU’s Fifth Anti-Money Laundering Directive (AMLD5), underscoring its commitment to building a global Web3 ecosystem within a highly compliant regulatory framework,” the announcement said.

🌐HashKey Further Expands Our Global Footprint!

🥳We're excited to announce that @HashKeyGroup has obtained VASP registration approval from the Central Bank of Ireland, underscoring our commitment to building a global #Web3 ecosystem within a highly compliant regulatory… pic.twitter.com/HL83CWAWPv

— HashKey Group (@HashKeyGroup) January 7, 2025

It is worth noting that HashKey Group has already obtained licenses in Hong Kong, Singapore, Japan, and Bermuda.

In August, HashKey received a Major Payment Institution (MPI) license from Singapore’s regulatory authority, which allows for the unlimited provision of payment services.

In July, HashKey announced the official airdrop of its platform token, HSK, as well as plans to distribute 10 million HSK tokens to users via airdrop.

HSK will be the central token across HashKey’s range of businesses, which include licensed exchanges, investment, asset management, tokenization, and infrastructure services.

Crypto Platforms Choose Ireland as EU Base

Several prominent cryptocurrency firms have chosen Ireland as their European base, attracted by its favorable regulatory environment and strategic location within the European Union.

For one, Gemini, a U.S.-based crypto exchange founded by the Winklevoss twins, selected Dublin as its European headquarters in May 2023.

Similarly, Coinbase, another major U.S. cryptocurrency exchange, has established a significant presence in Ireland.

In October 2023, Coinbase announced Dublin as its main European hub, aligning with the upcoming Markets in Crypto-Assets (MiCA) regulations.

Additionally, Ripple, a leader in enterprise blockchain solutions, has selected Ireland as its primary entry point into the European Union market.

The company has registered with the Central Bank of Ireland as a virtual asset service provider (VASP).