Hong Kong-based cryptocurrency exchange HashKey has started offering its cryptocurrency trading services in the MENA region after securing regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
In a May 12 announcement on X, the company said users in the Middle East and North Africa (MENA) region will be able to trade AED and USD for cryptocurrencies for Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
The launch comes as part of HashKey Global MENA’s new OTC (over-the-counter) platform, which offers fiat on- and off-ramps along with support for local bank settlements.
HashKey’s expansion into the region follows its conditional approval from VARA earlier this year.
On January 13, the company announced it had received in-principle approval to operate as a Virtual Asset Service Provider (VASP) in Dubai.
The license permits HashKey to offer both Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail, qualified, and institutional investors.
VARA, Dubai’s dedicated virtual asset regulator, was established to position the emirate as a hub for blockchain innovation while enforcing rigorous investor protections.
Any company operating under VARA’s jurisdiction must comply with strict operational and disclosure requirements, especially if its activities extend beyond the emirate.
HashKey’s approval adds it to a growing list of global firms entering Dubai under the regulator’s supervision.
Before HashKey, similar approvals were granted to crypto firms Crypto.com and OKX by Dubai’s regulatory authorities.
Beyond the MENA region, HashKey has actively built out its international presence through a series of regulatory wins.
In April, its European arm, HashKey Europe Limited, secured VASP registration from the Central Bank of Ireland, its first such license in the European Union.
Over the past years, HashKey has secured licenses across key markets including Hong Kong, Singapore, Japan, Bermuda, and Ireland.
Expanding its suite of services
As part of its broader growth strategy, HashKey has rolled out new product lines targeting both retail and institutional markets.
One of its key launches this year is ModAI, a multilingual AI assistant built using large language models from providers like OpenAI and Anthropic.
Designed to streamline content moderation and customer support, the tool is expected to improve user engagement while reducing operational costs.
The firm also expanded its investment product lineup with the launch of the XRP Tracker Fund, offering institutional investors exposure to Ripple’s XRP without requiring direct custody.
The product follows its earlier Bitcoin and Ethereum ETF funds listed on the Hong Kong Stock Exchange.
Meanwhile, in March, Hashkey announced two tokenised money market ETFs in collaboration with Chinese asset manager Bosera.
These products, approved by the Securities and Futures Commission, were included under the Hong Kong Monetary Authority’s Project Ensemble Sandbox and structured to provide stable, low-risk investment options in both HKD and USD.
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