With a brand new VARA license, HashKey International MENA now desires to serve UAE purchasers with crypto buying and selling, OTC providers, and AED/USD onramps through Commonplace Chartered.
HashKey Group has obtained a crypto license from Dubai’s native regulator Digital Property Regulatory Authority, permitting it to formally launch operations within the UAE by way of its entity HashKey MENA FZE, the corporate revealed in a Monday press launch.
The license authorizes HashKey International MENA to supply each crypto alternate 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 Commonplace Chartered.
“Our regional enlargement ambitions, with a strategic deal with the GCC, are rooted in empowering MENA’s establishments and HNWIs with seamless, cost-efficient entry to international crypto markets, reinforcing the UAE’s place as a hub for blockchain innovation whereas prioritizing compliance and consumer safety at each step.”
HashKey International MENA’s nation supervisor Sherif Sanad
On prime of that, HashKey’s OTC buying and selling desk will present block trades for establishments and high-net-worth purchasers, supporting cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins equivalent to Tether (USDT) and USD Coin (USDC).
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HashKey’s enlargement into the UAE follows studies that Beijing-based Gaorong Ventures invested $30 million within the firm, pushing its valuation to almost $1.5 billion.
Gaorong, recognized 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, per the extent it reached after a $100 million elevate in 2024.
Learn extra: Hong Kong’s HashKey dives into AI with new product and hints at AI brokers
