HashKey Group, a digital asset financial services provider based in Hong Kong, has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA).

The license was awarded to HashKey MENA FZE, the operational entity behind HashKey Global MENA, marking the official commencement of its operations in the UAE.

With this license, HashKey Global MENA is authorised to offer both virtual asset exchange services and virtual asset broker-dealer services within, and from, the Emirate of Dubai.

This development is part of HashKey’s broader strategy to expand its market presence in the Middle East.

As the UAE continues to position itself as a key centre for digital assets in the region, HashKey Global MENA aims to serve both retail and institutional clients seeking secure and compliant access to virtual asset services.

To address the increasing demand from institutional investors, the company will roll out a range of services and products.

These include support for deposits and withdrawals in both US dollars and UAE dirhams, allowing users to transfer funds directly from their bank accounts into HashKey Global MENA’s fiat wallet.

Standard Chartered serves as a strategic partner, providing fiat currency deposit and withdrawal services. The platform benefits from the bank’s established infrastructure, offering a reliable and efficient process for transferring funds.

The firm also offers over-the-counter (OTC) services, providing regulated block trading with transparent pricing.

This service is aimed at high-net-worth individuals and institutional clients, ensuring immediate execution for large trades and flexible settlement options.

OTC services will support major cryptocurrencies, including Bitcoin and Ethereum, as well as stablecoins such as USDT and USDC, with all assets custodied on a platform licensed by VARA and protected by institutional-grade safeguards.

“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 prioritising compliance and client protection at every step,”

said Sherif Sanad, Country Manager, HashKey Global MENA.

The UAE is currently the third-largest cryptocurrency economy in the MENA region.

In response to this growing market, HashKey Global MENA plans to expand beyond trading services by developing and offering a broader range of digital asset products, all within VARA’s regulatory framework.

HashKey Group already holds digital asset-related licenses in Hong Kong, Singapore, Japan, and Bermuda, as well as a VASP registration in Ireland.

It is also pursuing a Markets in Crypto-Assets (MiCA) license in the European Union. The HashKey Global MENA exchange is set to go live on 19 May.

Featured image credit: Edited by Fintech News Middle East, based on image by frantic via Freepik