HashKey Expands to Middle East, Secures Key Crypto License in Dubai

HashKey Group, a digital asset financial services firm with a strong presence in the Asia Pacific region, has announced its official launch in the United Arab Emirates with the establishment of HashKey Global MENA. This move follows the successful acquisition of a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), the company announced in a statement on Monday.

The VASP license empowers HashKey Global MENA to offer both virtual asset exchange and broker-dealer services within and originating from Dubai. This expansion marks a significant step in HashKey's strategy to tap into the burgeoning digital asset market in the Middle East, with the UAE increasingly positioning itself as a key hub for the industry.

HashKey Global MENA will focus on providing regulated and secure access to virtual asset services for both individual and institutional clients in the region. The platform will facilitate fiat-to-crypto transactions in USD and AED through a partnership with Standard Chartered, and will also offer OTC trading services for major cryptocurrencies.

"As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated, secure gateway for fiat-crypto transactions, backed by institutional-grade safeguards and strategic partnerships like Standard Chartered," stated Sherif Sanad, country manager, HashKey Global MENA.

"Our regional expansion ambitions, with a strategic focus on the GCC, are rooted in empowering MENA's institutions and HNWIs with seamless, cost-efficient access to global crypto markets, reinforcing the UAE's position as a hub for blockchain innovation while prioritizing compliance and client protection at every step," Sanad saud.

HashKey Group already holds digital asset licenses in several key jurisdictions, including Hong Kong, Singapore, Japan, and Bermuda, and is pursuing further regulatory approvals in the European Union. The HashKey Global MENA exchange is scheduled to commence operations on May 19th.

In April, Hashkey launched Asia's first XRP fund , bolstered by an early investment from Ripple, the company primarily associated with the XRP ledger and its native cryptocurrency, and in March acquired a Type 1 license from the Hong Kong Securities and Futures Commission (SFC), allowing it to provide brokerage services.