HashKey Secures VASP License from Dubai’s VARA to Expand in Middle East

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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Last updated: 

May 12, 2025

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HashKey Group, a prominent digital asset financial services firm in the Asia-Pacific region, has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

The license, granted to its operating entity HashKey MENA FZE, marks the official launch of HashKey Global MENA in the United Arab Emirates and paves the way for the group’s strategic expansion into the Middle East.

With the license, HashKey is authorized to offer Virtual Asset Exchange Services and Broker-Dealer Services within Dubai and to clients originating from the emirate.

HashKey Global MENA to Provide Fiat-to-Crypto Services

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.

UAE Continues to Attract Crypto Firms

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.

As reported, a state-backed investment firm in Abu Dhabi is set to make a $2 billion investment into crypto exchange Binance using USD1, a stablecoin developed by World Liberty Financial — a crypto venture closely tied to the Trump family.

Experts claim the UAE is poised to become a key destination for crypto and stablecoin ventures seeking refuge from the European Union’s (EU) newly implemented Markets in Crypto-Assets (MiCA) regulation.

The regulatory framework, which took full effect on December 30, is creating significant challenges for crypto firms within the 27-member bloc, prompting many to consider relocating, according to industry experts.

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.