HashKey Europe, the European branch of Hong Kong’s cryptocurrency exchange, is expanding its presence in Ireland by obtaining a virtual asset service provider (VASP) license from the Central Bank of Ireland, as announced on January 7.
Regulation of Crypto Services in Ireland
In Ireland, all crypto service providers must register with the Central Bank to comply with the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations set forth by the European Union’s Fifth Anti-Money Laundering Directive (AMLD5). The recent implementation of the Markets in Crypto-Assets Regulation (MiCA) requires all existing crypto service providers to obtain a Virtual Asset Service Provider (VASP) license by March 2025, allowing companies like HashKey to offer various crypto services, including exchanges and wallets.
Expanding HashKey Europe's Global Reach
HashKey views Ireland as a key market for expanding its international footprint. In addition to its operations in Ireland, the exchange holds licenses in Bermuda and several Asian countries, including Hong Kong, Singapore, and Japan. This broad geographical presence enables the company to strengthen its position in the crypto industry.
Ireland's Collaboration with the EU
In alignment with broader European efforts, Ireland collaborated with EU regulatory bodies to adopt the Markets in Crypto-Assets (MiCA) regulation, emphasizing a unified approach across Europe’s crypto sector. Central Bank Deputy Governor Derville Rowland highlighted the importance of this framework during her speech at the AFME’s Annual European Compliance and Legal Conference in September 2024, noting Ireland’s commitment to continuous improvement and a stable regulatory environment.
The acquisition of VASP license from the Irish Central Bank will allow HashKey Europe to strengthen its presence in the European crypto market, promoting responsible innovation and high standards compliance.
