Hong Kong’s HashKey taps Dubai as regional base for crypto services

With a new VARA license, HashKey Global MENA now wants to serve UAE clients with crypto trading, OTC services, and AED/USD onramps via Standard Chartered.

HashKey Group has received a crypto license from Dubai’s local regulator Virtual Assets Regulatory Authority, allowing it to officially launch operations in the UAE through its entity HashKey MENA FZE, the company revealed in a Monday press release.

The license authorizes HashKey Global MENA to offer both crypto exchange and broker-dealer services within and from the Emirate of Dubai, the press release reads. The company now plans to offer such services as fiat on- and off-ramps in USD and AED in a collaboration with Standard Chartered.

“Our regional expansion ambitions, with a strategic focus on the GCC, are rooted in empowering MENA’s institutions and HNWIs with seamless, cost-efficient access to global crypto markets, reinforcing the UAE’s position as a hub for blockchain innovation while prioritizing compliance and client protection at every step.”

HashKey Global MENA’s country manager Sherif Sanad

On top of that, HashKey’s OTC trading desk will provide block trades for institutions and high-net-worth clients, supporting cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as Tether (USDT) and USD Coin (USDC).

HashKey’s expansion into the UAE follows reports that Beijing-based Gaorong Ventures invested $30 million in the company, pushing its valuation to nearly $1.5 billion.

Gaorong, known for backing major Chinese tech firms like Meituan and PDD Holdings, reportedly made the investment at a pre-money valuation of over $1 billion. A HashKey spokesperson later confirmed that the deal brings the company’s post-money valuation close to $1.5 billion, consistent with the level it reached after a $100 million raise in 2024.