HashKey, a cryptocurrency exchange located in Hong Kong, has successfully applied for a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland as part of its worldwide development efforts.
On January 7, 2025, HashKey Europe Limited, a division of the HashKey group, announced this milestone. With this new license, HashKey may now facilitate fiat-to-crypto and crypto-to-crypto trading, among other cryptocurrency-related operations, in Ireland. The business may now handle the transfer of virtual assets on behalf of its customers and provide custodial wallet services.
With this regulatory license, HashKey broadens its operating reach beyond its well-established locations in Hong Kong, Singapore, Japan, and Bermuda and enters the European market.
The EU’s MiCA requirements are in compliance with HashKey’s VASP license in Ireland. The purchase of the VASP license complies with the Markets in Crypto-Assets (MiCA) Regulation of the European Union, which requires all crypto service providers doing business in the EU to get these licenses by December 30, 2024. With an emphasis on financial stability, market integrity, and consumer protection, this regulatory framework seeks to provide a uniform approach to cryptocurrency activities across the EU.
The business considers HashKey’s strategic entry into Ireland to be a “critical step toward strengthening its presence in key international markets.” In addition to demonstrating HashKey’s dedication to adhering to global standards, this growth places it in line with other noteworthy organizations that have also received Irish Central Bank approval, such as Ripple, Paysafe, MoonPay, Gemini, and Coinbase.
VASPs are subject to stringent scrutiny under MiCA, which includes compliance with Countering the Financing of Terrorism (CFT) and Anti-Money Laundering (AML) regulations. They also need to show that their management teams are honest, that they have strong operational resilience, and that they follow safe procedures. Additionally, in order to encourage openness and compliance with regulatory standards, exchanges are subject to increased reporting requirements, especially with regard to significant transactions.
HashKey’s license is noteworthy since it follows Irish Central Bank Governor Derville Rowland’s emphasis on Ireland’s commitment to promoting innovation in the crypto industry while maintaining security. Her remarks from September of last year demonstrated Ireland’s desire to continue to be a safe and cutting-edge financial center in the age of digital assets.
In addition to expanding its service offerings, this license helps HashKey solidify its position as a major participant in the global bitcoin industry, equipped to handle the intricacies of the European legal environment.
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