Hong Kong Digital Asset Group Gets Crypto License In UAE

One step at a time. This could be the mantra of the Hong Kong-based crypto exchange firm HashKey as the company strives to broaden its reach across the world.

HashKey might be getting closer to expanding its global reach after the company secured a provisional license to provide crypto brokerage services in Dubai.

A Win For HashKey

HashKey Group attained a milestone after Dubai’s cryptocurrency regulatory body gave the Hong Kong-based digital asset group the preliminary go-signal to operate in the progressive Middle East city.

“HashKey MENA FZE, a member of the HashKey Group, has received an In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset Service Provider (VASP) license application,” the HashKey Group said in a press release.

The premier end-to-end Asian digital asset financial services group said that Dubai’s regulatory approval further positions the HashKey Group as a “trusted leader in the virtual asset industry”, allowing the crypto asset services firm to provide secure and transparent services to international clients.

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

The crypto financial services group explained that the In-Principle Approval granted by Dubai’s regulatory office marked a significant achievement for the Group because its subsidiary HashKey MENA can now serve the city’s investors.

Services It Will Offer

HashKey Group said that getting In-Principle Approval for the VASP license in Dubai would allow the Asian digital asset group to provide digital currency broker services to retail and institutional investors in the key Middle East city.

“Upon final approval, the VASP license will authorize HashKey MENA FZE to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services in and from the Emirate of Dubai to retail investors, qualified investors, and institutional investors,” the Hong Kong-based crypto services group explained in a statement.

The Group said that the latest milestone would 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 currency trading platform.

Operations Expansion

The HashKey Group continues to move towards its goal of increasing its global footprint and solidifying its status as a trusted leader in the virtual asset space.

The Group said getting approved in Dubai is among its key wins towards international expansion.

“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,” HashKey Group said in an X post.

The Asian digital asset group also revealed that the Group is pursuing a Markets in Crypto-Assets Regulation (MiCA) license so it could operate in member-states of the European Union, further expanding its presence in key international markets.

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

Featured image from SCMP, chart from TradingView