HashKey Secures VASP License From Central Bank of Ireland

Key Takeaways

• The VASP license enables HashKey to offer a wide range of crypto-related services, including fiat-to-crypto, crypto-to-crypto trading
• The company views Ireland as a critical base for its European operations

Hong Kong-based crypto exchange, HashKey has secured a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. 

This approval grants the firm ability to operate and expand its services within Ireland, marking its official entry into the European Union’s regulated crypto market.

The VASP license enables HashKey to offer a wide range of crypto-related services, including fiat-to-crypto and crypto-to-crypto trading, custodial wallet services, and the transfer of digital assets on behalf of its clients. 

This expansion aligns with the European Union’s Markets in Crypto-Assets (MiCA) Regulation. MiCA is the world’s first comprehensive regulatory crypto framework and it came into full effect for crypto exchanges on December 30, 2024

HashKey’s move into Ireland is part of its strategic ambition to establish a foothold in key global markets. The company, which already operates in Hong Kong, Singapore, Japan, and Bermuda, views Ireland as a critical base for its European operations. This development also places HashKey among other major players like Ripple, Gemini, Coinbase, and MoonPay, which have similarly secured approvals from the Irish Central Bank.

Derville Rowland, Deputy Governor of the Central Bank of Ireland, emphasized Ireland’s commitment to fostering innovation in the crypto sector while ensuring robust regulatory oversight.

“Innovation has brought in new entrants, new products, and new ways of serving customers and the economy. As a result, tech innovation continues to be a focus for the central bank,” Rowland said. She also highlighted MiCA’s role in enhancing financial inclusivity and democratizing finance across the EU. 

Under MiCA, crypto firms must comply with stringent Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements, demonstrate operational resilience, and meet enhanced reporting obligations for large transactions.

Companies already operating under the previous VASP framework have been given a transitional period of up to 12 months to secure full authorization or cease operations.