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HashKey Secures Dubai VASP License, Launches MENA Exchange

Coin WorldMonday, May 12, 2025 7:17 am ET

1min read

HashKey Group, a leading digital asset financial services firm in the Asia-Pacific region, has secured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This license, granted to its operating entity HashKey MENA FZE, marks the official launch of HashKey Global MENA in the United Arab Emirates. The license authorizes HashKey to offer Virtual Asset Exchange Services and Broker-Dealer Services within Dubai and to clients originating from the emirate.

HashKey Global MENA will provide a range of services tailored to institutional and high-net-worth clients, including secure fiat-to-crypto on and off-ramps in both USD and AED. The platform’s fiat operations are supported by Standard Chartered, which offers streamlined deposit and withdrawal services through its advanced banking infrastructure. Additionally, the platform will offer over-the-counter (OTC) trading services with support for top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins USDT and USDC. These services promise instant execution, zero slippage, and flexible settlement options for large trades, all safeguarded under VARA’s regulatory framework.

“As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated, secure gateway for fiat-crypto transactions,” said Sherif Sanad, Country Manager of HashKey Global MENA. “Our expansion in the region underscores our commitment to compliance, innovation, and serving MENA’s rapidly growing crypto economy.”

The UAE is currently the third-largest crypto economy in the MENA region, and HashKey aims to serve the growing demand for regulated digital asset services. The company plans to continue developing new products within VARA’s compliance guidelines, reinforcing its presence in the region. HashKey Group already holds licenses in Hong Kong, Singapore, Japan, and Bermuda, and has VASP registration in Ireland. It is also pursuing a MiCA license in the EU. The HashKey Global MENA exchange is set to go live on May 19.

The move comes as the UAE continues to position itself as a regional hub for blockchain innovation and crypto finance, with regulatory clarity attracting major global players. The UAE’s regulatory framework is creating significant challenges for crypto firms within the 27-member bloc, prompting many to consider relocating. Among its stringent requirements, small stablecoin issuers must hold 30% of their reserves in low-risk EU-based commercial banks, while major players like Tether face a mandate to maintain 60% or more in similar institutions.

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