HashKey Secures VASP License in Ireland for Global Expansion
Hong Kong-based cryptocurrency exchange HashKey has successfully acquired a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. The license permits HashKey to engage in various cryptocurrency-related activities within Ireland, including fiat-to-crypto and crypto-to-crypto trading, custodial wallet services, and asset transfer management on behalf of clients. This regulatory approval marks HashKey’s entrance into the European market, extending its operational reach beyond its existing bases in Hong Kong, Singapore, Japan, and Bermuda.
Aligning with EU’s MiCA Regulations
HashKey’s acquisition of the VASP license complies with the European Union’s Markets in Crypto-Assets (MiCA) Regulation, which requires all crypto service providers operating within the EU to obtain such licenses by December 30, 2024. MiCA aims to establish a unified approach to crypto operations across the EU, prioritizing consumer protection, market integrity, and financial stability.
Strengthening International Presence
HashKey views its strategic move into Ireland as a “critical step toward strengthening its presence in key international markets.” By obtaining the VASP license, HashKey joins other prominent entities like Ripple, Paysafe, MoonPay, Gemini, and Coinbase that have received approval from the Irish Central Bank. Under MiCA regulations, VASPs face stringent evaluations encompassing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements. Exchanges must also exhibit robust operational resilience, secure protocols, and competent management teams. Moreover, they are obligated to uphold heightened reporting responsibilities regarding significant transactions to foster transparency and adherence to regulatory norms.
By securing this license, HashKey expands its service offerings while solidifying its standing as a major player in the global cryptocurrency market capable of navigating intricate European regulatory landscapes.
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