HashKey Group, the Asian-headquartered end-to-end digital asset financial services group with an operation in Bermuda, has received in-principle approval for a virtual asset service provider licence in Dubai.

The company said HashKey MENA FZE has been given the approval by the Dubai Virtual Assets Regulatory Authority.

Upon final approval, the VASP licence will authorise HashKey MENA FZE to offer virtual asset exchange services and virtual asset broker-dealer services in and from Dubai to retail investors, qualified investors, and institutional investors.

The company said: “This milestone also marks significant progress for HashKey OTC, the group’s over-the-counter trading arm, as it expands its regulated offerings in the Middle East.

“In doing so, HashKey OTC underscores its commitment to a compliance-first approach, offering investors a secure and efficient environment for digital asset trading.”

Ben El-Baz, managing director of HashKey Global, said “We view this milestone as a pivotal moment for us, as it positions us in the future to serve both retail and institutional clients in the UAE with enhanced accessibility and local currency support.

“This achievement empowers us to deliver trusted, compliant, and seamless virtual asset services, enabling clients to deposit and withdraw in their local currency.

“At HashKey Global, we are deeply committed to fostering growth in Dubai and the broader MENA region by combining regulatory excellence and a customer-first approach. This marks the beginning of an exciting journey to drive sustainable growth and build lasting relationships in this dynamic market.”

HashKey Group holds licences in Bermuda, Hong Kong, Singapore, and Japan, and has a VASP registration in Ireland. It is actively pursuing a MiCA license in Europe to further strengthen its global regulatory footprint.

In Bermuda, it holds a Class F digital assets business licence granted by the Bermuda Monetary Authority.