With a brand new VARA license, HashKey World MENA now desires to serve UAE shoppers with crypto buying and selling, OTC providers, and AED/USD onramps through Customary Chartered.
HashKey Group has acquired a crypto license from Dubai’s native regulator Digital Belongings Regulatory Authority, permitting it to formally launch operations within the UAE by means of its entity HashKey MENA FZE, the corporate revealed in a Monday press launch.
The license authorizes HashKey World MENA to supply each crypto trade and broker-dealer providers inside and from the Emirate of Dubai, the press launch reads. The corporate now plans to supply such providers as fiat on- and off-ramps in USD and AED in a collaboration with Customary Chartered.
“Our regional growth ambitions, with a strategic give attention to the GCC, are rooted in empowering MENA’s establishments and HNWIs with seamless, cost-efficient entry to world crypto markets, reinforcing the UAE’s place as a hub for blockchain innovation whereas prioritizing compliance and shopper safety at each step.”
HashKey World MENA’s nation supervisor Sherif Sanad
On high of that, HashKey’s OTC buying and selling desk will present block trades for establishments and high-net-worth shoppers, supporting cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins corresponding to Tether (USDT) and USD Coin (USDC).
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HashKey’s growth into the UAE follows reviews that Beijing-based Gaorong Ventures invested $30 million within the firm, pushing its valuation to just about $1.5 billion.
Gaorong, identified for backing main Chinese language tech corporations like Meituan and PDD Holdings, reportedly made the funding at a pre-money valuation of over $1 billion. A HashKey spokesperson later confirmed that the deal brings the corporate’s post-money valuation near $1.5 billion, in step with the extent it reached after a $100 million increase in 2024.
Learn extra: Hong Kong’s HashKey dives into AI with new product and hints at AI brokers
