Hashkey Europe, a subsidiary of Hong Kong-based Haskhkey Crypto Exchange, has obtained an operating license in Ireland. The Central Bank of Ireland has granted the exchange a license to provide VASP (VASP) to the exchange, which grants the company permission to provide a variety of encryption-related services in the country. Ireland is one of many EU countries and has begun to attract cryptocurrency companies after the region has adopted a series of regulations to oversee the industry.
In announcing a newly obtained VASP license, the company said it was its first registration to comply with the EU anti-money laundering guidelines.
The organization also said in an article on X (formerly Twitter) that this is an important step in its global expansion plan.
:globe_with_meridians: Hashkey further expands our global footprint!
: partying_face: We are pleased to announce @hashkeygroup Has been approved by the Irish Central Bank VASP registration, highlighting our commitment to building a global #Web3 Ecosystem in highly compliant regulation… pic.twitter.com/hl83cwawpv
– Hashkey Group (@hashkeygroup) January 7, 2025
After obtaining this license, the exchange will now be able to provide services such as fiat-to-crypto and Crypto-to-Crypto exchanges. Hosted wallets are another service that exchanges can now offer in Ireland.
Transactions facilitated by cryptocurrencies are largely untrackable and therefore can be exploited to conduct illegal transactions. Now, the license obtained by the Central Bank of Ireland will oversee Hashkey under its supervision with activities identified as related to money laundering and terrorist financing.
“The Hashkey Group remains committed to ensuring compliance with international regulations, providing value-added services and fostering trust in the ecosystem,” Hashkey Group’s Post noted. Singapore, Japan and Bermuda are other regions where Hashkey has obtained operational approval.
Cryptocurrencies in the EU
The EU’s market in crypto assets (MICA) regulations was finalized in 2022. The regulations come into effect on December 30, 2024.
The rules in part of this legislation cover prevention and risk mitigation steps related to cryptocurrency-based activities, such as insider trading, illegal disclosure of internal information, and market manipulation. MICA law requires foreign cryptocurrency companies to obtain licenses from at least one of the 27 national financial regulators in the EU and issue white papers and financial risk warnings on the products and services they provide.
Under the rules, EU countries have begun taking steps to protect investor communities from the financial risks that volatile crypto assets may pose. Last September, Sweden classified some crypto exchanges and crypto-related service providers as “professional money launderers.” Regulators there said they identified the exchanges used by criminals to move illegal funds.
Meanwhile, France and Luxembourg are part of EU countries, with their respective crypto sectors expanding.
