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Hong Kong-based crypto exchange HashKey has secured a Virtual Asset Service Provider (VASP) license from the Irish Financial Services and Supervision Authority (FINRA), marking a significant milestone for the company.
This development comes as part of the European Union’s Markets in Crypto-Assets (MiCA) framework, which aims to regulate the cryptocurrency space within the region. Under MiCA, VASPs are subjected to rigorous checks, including Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements.
Moreover, these exchanges must demonstrate robust operational resilience, secure protocols, and the integrity of their management teams. Furthermore, they are bound by enhanced reporting obligations, particularly concerning large transactions, to promote transparency and adherence to regulatory norms.
HashKey’s licensing underscores Ireland’s commitment to fostering innovation within the crypto sector while ensuring security. In September last year, Irish Central Bank Governor Derville Rowland emphasized the country’s ambition to maintain its status as a secure and innovative financial hub in the era of digital assets.
This development not only broadens HashKey’s service offerings but also strengthens its position as a key player in the global cryptocurrency market, poised to navigate the complexities of the European regulatory landscape.
Source: coinjournal.net
