HashKey Group Secures In-Principle License from Dubai Crypto Authority

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HashKey Group’s Dubai-based subsidiary, HashKey MENA FZE, has been given preliminary approval by the cryptocurrency regulator in Dubai (VARA). This was announced in an official press release on January 13th. With this license from VARA, HashKey Group strengthens its reputation as a reliable player in the crypto industry.

HashKey Hits Dubai as It Continues Expansion

This license grants HashKey the ability to carry on its growth and offer global services in different jurisdictions progressively. Once approved, HashKey MENA FZE will be authorized to provide a range of exchange and brokerage services to investors in Dubai. Additionally, it will support the growth of HashKey OTC, HashKey’s over-the-counter firm, as it aims to establish itself prominently in the Middle East region.

HashKey’s worldwide growth strategy has led them to establish operations in various nations. As per the announcement, HashKey currently holds licenses in Japan, Bermuda, Singapore, and Hong Kong. Last week, it was revealed that they have been granted Virtual Asset Service Provider (VASP) registration approval from Ireland’s central bank.

According to the statement, HashKey Europe Limited has received the initial Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. This move comes as part of the European Union’s Fifth Anti-Money Laundering Directive (AMLD5) regulations.

For HashKey to operate effectively, it must adhere to the guidelines set by the EU’s Markets in Crypto Assets (MiCA) regulation. MiCA was fully implemented on December 30 and serves as a unified framework for governing the crypto market within the EU. It addresses issues such as market collapses, instances of fraud, and lack of investor protection.

As an analyst, I’m excited to announce that following the regulatory approval, we at HashKey will now be able to provide our users with a variety of regulated services. These include facilitating the exchange of cryptocurrencies for fiat currencies and vice versa, enabling the trading of multiple crypto assets, offering custodial wallet services, and transferring crypto assets securely.

HashKey’s Other Moves in the Crypto Industry

Beyond providing its services in various legal regions, HashKey is also advancing in the broader cryptocurrency market. For example, they introduced their own HashKey Platform Token (HSK) last November. Key points about this token include a total supply of 1 billion units, with 65% (650 million tokens) earmarked for fostering the ecosystem. The team behind HSK holds 30% (300 million), while the remaining portion is designated as network reserves. The HSK ERC-20 token serves multiple purposes within the HashKey ecosystem, such as rewards and fee transactions.

HashKey Group has earmarked roughly 20% of its latest earnings for purchasing back tokens. On December 16th, HSK achieved a new peak at $1.5989 and exceeded it on the following day, reaching $1.72. As per CoinGecko’s figures, the all-time high (peak) of HSK is $2.56. At its current price of $1.69, this represents a 34% drop from its peak.

In December, HashKey Group entered into a strategic alliance with Cinda International Asset Management Limited (CIAM) to introduce Short-Term Asset-Backed Liquidity Notes (STBL) on the Ethereum network. Working together with Hong Kong-based Web3 firm NVT, the aim is to issue and distribute STBLs with mainstream adoption as the primary focus.

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2025-01-13 14:49