HashKey Europe Secures VASP License in Ireland, Expanding Crypto Services Under MiCA Regulations

HashKey Europe Secures VASP License in Ireland, Expanding Crypto Services Under MiCA Regulations

HashKey Europe, the European subsidiary of the Hong Kong-based cryptocurrency exchange HashKey, has achieved a significant milestone by securing approval for a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. This regulatory clearance marks a pivotal step in the company’s expansion into the Irish market under the European Union’s Markets in Crypto-Assets Regulation (MiCA).

Key Regulatory Approval for Crypto Services

The HashKey Group announced the approval on January 7, signaling its readiness to provide a range of crypto services, including fiat-to-crypto and crypto-to-crypto exchange, custodial wallet solutions, and virtual asset transfers. The VASP registration is mandatory for all crypto service providers operating in Ireland, ensuring compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures under the EU’s Fifth Anti-Money Laundering Directive (AMLD5).

Ireland’s regulatory framework under the Central Bank of Ireland also extends to entities facilitating the issuance, offer, or sale of virtual assets. By obtaining the VASP license, HashKey Europe has positioned itself as a compliant and innovative player in the evolving crypto landscape.

Strategic Expansion into Ireland

HashKey views Ireland as a strategic hub for expanding its international presence, leveraging the country’s pro-innovation regulatory environment. The firm already holds operational licenses in Bermuda and several key Asian markets, including Hong Kong, Singapore, and Japan.

The approval comes on the heels of MiCA regulations, which took effect on December 30, 2024. The regulation mandates that all established crypto service providers apply for VASP registration within a three-month window. Firms previously operating under older VASP rules are permitted to continue their activities for up to 12 months or until their new authorization is either granted or denied.

MiCA: Pioneering Crypto Innovation

Derville Rowland, Deputy Governor of the Central Bank of Ireland, emphasized that MiCA regulations aim to foster financial inclusivity and democratize finance through technological innovation. Rowland highlighted the importance of consistency and coordination across EU member states and stressed the need for industry engagement to refine the authorization process.

“Innovation has introduced new products, new entrants, and new ways of serving customers and the economy. This technological progress remains a priority for the central bank,” Rowland stated.

HashKey’s successful registration demonstrates its commitment to regulatory compliance and its ambition to contribute to Ireland’s burgeoning crypto ecosystem. The approval not only strengthens its foothold in Europe but also aligns with the company’s global vision of enabling secure and innovative digital asset services.