XRP News Today: HashKey Launches Crypto Trading in MENA After Dubai Regulatory Approval
1min read HashKey, a Hong Kong-based cryptocurrency exchange, has initiated its cryptocurrency trading services in the Middle East and North Africa (MENA) region following regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
On May 12, the company announced that users in the MENA region can now trade AED and USD for various cryptocurrencies, including Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This launch is part of HashKey Global MENA’s new OTC (over-the-counter) platform, which provides fiat on- and off-ramps along with support for local bank settlements.
HashKey’s expansion into the MENA region is a result of its conditional approval from VARA earlier this year. On January 13, the company received in-principle approval to operate as a Virtual Asset Service Provider (VASP) in Dubai. This license allows HashKey to offer both Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail, qualified, and institutional investors.
VARA, established to position Dubai as a hub for blockchain innovation while enforcing rigorous investor protections, requires companies under its jurisdiction to comply with strict operational and disclosure requirements, especially if their activities extend beyond the emirate. HashKey’s approval adds it to a growing list of global firms entering Dubai under the regulator’s supervision, following similar approvals granted to crypto firms Crypto.com and OKX.
Beyond the MENA region, HashKey has been actively expanding its international presence through a series of regulatory wins. In April, its European arm, HashKey Europe Limited, secured VASP registration from the Central Bank of Ireland, marking its first such license in the European Union. Over the past years, HashKey has secured licenses across key markets including Hong Kong, Singapore, Japan, Bermuda, and Ireland.
As part of its broader growth strategy, HashKey has rolled out new product lines targeting both retail and institutional markets. One of its key launches this year is ModAI, a multilingual AI assistant built using large language models from providers like OpenAI and Anthropic. Designed to streamline content moderation and customer support, the tool is expected to improve user engagement while reducing operational costs.
The firm also expanded its investment product lineup with the launch of the XRP Tracker Fund, offering institutional investors exposure to Ripple’s XRP without requiring direct custody. This product follows its earlier Bitcoin and Ethereum ETF funds listed on the Hong Kong Stock Exchange. Additionally, in March, Hashkey announced two tokenised money market ETFs in collaboration with a Chinese asset manager. These products, approved by the Securities and Futures Commission, were included under the Hong Kong Monetary Authority’s Project Ensemble Sandbox and structured to provide stable, low-risk investment options in both hkd and USD.
