HashKey Group, a leading digital asset financial services provider in the Asia-Pacific region, has officially obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
This license, awarded to HashKey MENA FZE, signals the launch of HashKey Global MENA in the United Arab Emirates and represents a significant step in the group’s strategic efforts to penetrate the Middle Eastern market.
The newly acquired license authorizes HashKey to provide Virtual Asset Exchange Services and Broker-Dealer Services to clients in Dubai and beyond.
HashKey Global MENA Aims to Launch Fiat-to-Crypto Services
HashKey Global MENA will offer a suite of services specifically designed for institutional and high-net-worth clients, including secure fiat-to-crypto on- and off-ramps in USD and AED.
The platform’s fiat operations will leverage the technological infrastructure of Standard Chartered, allowing for seamless deposit and withdrawal services.
Additionally, the platform is set to include over-the-counter (OTC) trading, supporting prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), along with stablecoins USDT and USDC.
These offerings are designed for immediate execution without slippage and provide flexible settlement options for larger trades, with all activities conducted in compliance with VARA’s regulatory framework.
“As a licensed platform, HashKey Global MENA meets institutional demands by offering a secure and regulated approach to fiat-crypto transactions,” commented Sherif Sanad, the Country Manager of HashKey Global MENA. “Our expansion in this region highlights our dedication to compliance, innovation, and catering to MENA’s rapidly expanding crypto economy.”
HashKey Global MENA OTC is now operational! Trade AED/USD, $USDT, $BTC, $ETH, $SOL without hidden fees! @HashKeyMENA
VARA-licensed
Supported by Standard Chartered fiat infrastructure
Institutional-grade security
Newsroom https://t.co/MDsvi3SF7l
Explore HashKey Global MENA OTC… https://t.co/GxGGbbmDDO
— HashKey Global (@HashKey_Global) May 12, 2025
The UAE currently ranks as the third-largest crypto economy in the MENA region, and HashKey is focused on meeting the increasing demand for regulated digital asset services.
The firm is committed to enhancing its product offerings while remaining within the compliance parameters set by VARA, thus further solidifying its foothold in the region.
HashKey Group is already licensed in Hong Kong, Singapore, Japan, and Bermuda, and has registered as a VASP in Ireland, with ambitions to obtain a MiCA license in the European Union.
The HashKey Global MENA exchange is expected to commence operations on May 19.
UAE Strengthens Its Position as a Crypto Hub
This development occurs amidst the UAE’s efforts to establish itself as a leading center for blockchain innovation and cryptocurrency finance, with its regulatory framework drawing in major global entities.
Recent reports indicate that a state-backed investment firm in Abu Dhabi plans to invest $2 billion into the crypto exchange Binance using USD1, a stablecoin linked to World Liberty Financial, a venture associated with the Trump family.
Industry analysts suggest the UAE is well-positioned to become a prime destination for crypto and stablecoin startups moving away from the newly established Markets in Crypto-Assets (MiCA) regulation in the European Union.
The MiCA regulations, fully enacted on December 30, present substantial challenges for companies operating within the 27-member bloc, prompting many to explore relocation options.
Among the various requirements, smaller stablecoin issuers are mandated to maintain 30% of their reserves in low-risk EU commercial banks, while larger players like Tether are required to hold 60% or more in similar institutions.
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