What does the recent VARA approval in Dubai mean for HashKey MENA FZE's expansion and compliance strategies?
HashKey Group, a digital asset services company in Asia, made the announcement in its statement press release On January 13, its Middle East and North Africa subsidiary received conditional acceptance of its Virtual Asset Service Provider license application from the Dubai Virtual Assets Regulatory Authority.
If HashKey is able to obtain a VASP license, the group's Middle East and North Africa FZE company can provide virtual asset exchange and virtual asset brokerage services to individual, qualified and institutional investors, inside and outside the Emirate of Dubai.
This green light is also likely to be a win for HashKey OTC, the group's over-the-counter trading arm, with the expansion of regulated activities across the Middle East, the press release notes.
VARA, the regulatory body that oversees virtual assets in both the Dubai Free Zone and the mainland, has several main objectives. This includes maintaining the emirate's competitive position in the digital economy, developing regulations, and protecting investors by reducing illegal practices.
According to Rule book A company permit administered by VARA must comply with VARA stipulated procedures and conditions to maintain validity. Furthermore, if the activities are located outside Dubai, the organization must adhere to the highest standards applicable both locally and abroad. HashKey must meet all criteria to secure an official VASP license.
HashKey Global Compliance Strategy
Since embarking on its mission to spread digital asset opportunities across Asia in 2018, HashKey Group has established FinTech-enabled offices in various locations around the world, such as Hong Kong, Singapore, Japan and Bermuda.
Earlier this month, on January 7, HashKey Group expanded into the Irish market. HashKey Europe Limited, a member of the HashKey Group, receive VASP registration approval from the Central Bank of Ireland.
This approval represents HashKey Group's first VASP license in the EU and ensures full compliance with the EU's Fifth Anti-Money Laundering Directive. It allows HashKey Europe Limited to offer a variety of regulated services, including exchanges between virtual currencies and fiat currencies, transfer of virtual assets, and custodial wallet services.
In addition to expanding its operations, HashKey Group is actively seeking a markets license in crypto assets to strengthen its presence in European markets.
On December 30, 2024, the entire E.U outlet The MiCA Framework, which sets a uniform set of rules for the cryptocurrency industry across member states. This was in response to ongoing issues such as fraud, market instability, and lack of robust investor protection, which have plagued the growing cryptocurrency space for a long time.
The platform recently launched the Hashkey Platform Token (HSK), any receipt The all-time high is $2.59 on December 20, 2024. As of January 13, HSK is trading at $1.76, reflecting a 7.03% decline in price over the past 24 hours.
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