HashKey Receives Irish VASP License Under MiCA
Date: 2025-01-07 Author: Henry Casey Categories: BUSINESS
HashKey Europe, a subsidiary of Hong Kong-based cryptocurrency exchange HashKey, has received approval for a VASP license from the Central Bank of Ireland. On January 7, HashKey Group announced its expansion into the Irish market through a VASP registration approved by the country’s central bank.
Under the EU Anti-Money Laundering Directive (AMLD5), all cryptocurrency services in Ireland are required to register with the Central Bank to comply with anti-money laundering (AML) and counter-terrorist financing (CFT) measures. This requirement applies to all companies that provide cryptocurrency services in Ireland.
The VASP license allows HashKey to offer a wide range of cryptocurrency services, including fiat-to-crypto exchanges, crypto-to-crypto exchanges, asset storage services (custodial wallets), and the transfer of digital assets on behalf of third parties. The Central Bank of Ireland requires VASP licenses from entities that facilitate the offer or sale of virtual assets.
The company views Ireland as an important market for international expansion. In addition to its Irish license, HashKey has operating licenses in Bermuda and other Asian countries, including Hong Kong, Singapore, and Japan.
Licensing of crypto companies became mandatory from December 30, 2024, under the recently adopted Markets in Cryptocurrency Regulation (MiCA). All existing crypto services have three months to apply for VASP registration.
MiCA aims to create an environment for innovation in the cryptocurrency industry by enforcing strict regulatory standards. Earlier, the Deputy Governor of the Central Bank of Ireland, Dervil Rowland, said that MiCA provides local institutions with the necessary guidelines to build financial inclusion and democratise finance. She added that technological innovation remains a key focus for the central bank.
Ireland has two key priorities in implementing MiCA: improving coordination and alignment with other EU member states and European supervisors, and improving the authorisation process through engagement with industry.
