HashKey Secures Regulatory Approval to Operate Crypto Exchange in UAE

HashKey Group, a popular provider of digital asset infrastructure and services, has secured approval from Dubai’s Virtual Asset Regulatory Authority (VARA) for a crypto exchange and dealer license. The company is scheduled to launch operations in the UAE on May 19, 2025, through HashKey MENA FZE, the operating entity of HashKey Global MENA.

The new license allows HashKey to roll out several services aimed at meeting the growing needs of institutional clients. Among the new features are the ability to deposit and withdraw USD and AED. Thanks to a partnership with Standard Chartered, fiat on- and off-ramp options are also available. This allows users to seamlessly transfer USD directly from their bank accounts into HashKey Global MENA’s fiat wallet.

Streamlined Transactions with OTC Services

Beyond fiat transfers, HashKey will offer over-the-counter (OTC) services, enabling large-volume transactions while minimizing slippage risks. They’ll also offer flexible settlement solutions, catering to both institutional clients and high-net-worth individuals (HNWIs).

Notably, the OTC services will cover the top 10 cryptocurrencies. They include Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT and USDC. All assets will be securely stored on a VARA-licensed platform, which guarantees institutional-grade safety and compliance.

HashKey’s Value Soars to $1.5B

According to Sherif Sanad, Country Manager for HashKey Global MENA, the license allows the company to offer a regulated gateway for fiat-to-crypto transactions. He added that the MENA expansion aims to give institutions and HNWIs easy, cost-effective access to global crypto markets, supporting the UAE’s position as a blockchain hub.

Sanad also highlighted the company’s commitment to collaborating with regulators worldwide to ensure the reliability and security of its services. The company is already licensed in Hong Kong, Singapore, Japan, and Bermuda and is pursuing a Markets in Crypto-Assets (MiCA) license in the European Union.

This strategic growth follows a $30 million investment from Gaorong Ventures, a Beijing-based firm, which backed HashKey when its valuation was around $1 billion. After the investment, HashKey’s value increased to nearly $1.5 billion. This post-investment valuation is in line with the company’s value after it raised $100 million in 2024.