HashKey Europe, a subsidiary of Hong Kong-based cryptocurrency exchange HashKey , has received approval for a Virtual Asset Service Provider(VASP) license from the Central Bank of Ireland. The license paves the way for HashKey’s expansion into the European market, providing a regulatory framework for offering various cryptocurrency-related services.
The approval allows HashKey Europe to operate fiat-crypto and crypto-crypto exchanges, provide custodial wallet services and facilitate the transfer of digital assets on behalf of clients, according to an official announcement.
Under the European Union’ s Fifth Anti-Money Laundering Directive (AMLD5), all cryptocurrency service providers in Ireland are required to register with the central bank to meet anti-money laundering (AML) and counter-terrorist financing (CFT) standards.
The licensing requirements, reinforced by the Markets in Crypto-Assets Regulation (MiCA) introduced on December 30, 2024, mandate all existing crypto service providers to register within three months or risk operational suspension.
„This is HashKey Group’s first VASP license fully compliant with the EU’s Fifth Anti-Money Laundering Directive (AMLD5), underscoring the company’s commitment to building a global Web3 ecosystem within a highly compliant regulatory framework.” – reads the announcement.
It’s worth noting that HashKey Group has already obtained licenses in Hong Kong, Singapore, Japan and Bermuda. In August, HashKey received a Major Payment Institution (MPI) license from the Singaporean regulator, which allows it to provide unlimited payment services.
In July, HashKey announced the official airdrop of its platform token, HSK, and plans to distribute 10 million HSK tokens to users via airdrop. HSK will be the central token across HashKey’s range of businesses, which includes licensed exchanges, investments, asset management, tokenization and infrastructure services.
Cryptocurrency platforms choose Ireland as EU base
Several prominent cryptocurrency companies have chosen Ireland as their European base, attracted by the favorable regulatory environment and strategic location in the European Union. First, Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins, chose Dublin as its European headquarters in May 2023.
Similarly, Coinbase, another major U.S. cryptocurrency exchange, has established a significant presence in Ireland. In October 2023. Coinbase announced Dublin as its main European hub, in line with the upcoming Markets in Crypto-Assets (MiCA) regulations.
In addition, Ripple, a leader in blockchain solutions for businesses, has chosen Ireland as its main entry point into the European Union market. The company has registered with the Central Bank of Ireland as a Virtual Asset Service Provider (VASP).
