HashKey Europe, a subsidiary of Hong Kong-based cryptocurrency exchange HashKey, has received approval for a virtual asset service provider (VASP) license from the Central Bank of Ireland.
On Jan. 7, HashKey Group announced its market expansion into Ireland through a VASP registration approval from Ireland’s central bank.
All crypto service providers in Ireland are required to register with the central bank for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures under the European Union’s Fifth Anti-Money Laundering Directive (AMLD5).
Ireland permits numerous crypto services with VASP license
The VASP license approval allows HashKey to offer numerous crypto services, including fiat-crypto exchange, crypto-crypto exchange, custodial wallet services and transfer of virtual assets on behalf of other people.
The Central Bank of Ireland also requires VASP approval for entities that facilitate an issuer’s offer or sale of a virtual asset in any capacity.
The crypto exchange sees Ireland as an important market for international presence. Additionally, HashKey holds operational licenses in Bermuda and other Asian countries, including Hong Kong, Singapore and Japan.
The mandate for crypto licenses kicked in on Dec. 30, 2024, driven by the recently introduced Markets in Crypto-Assets Regulation (MiCA). As a result, all established crypto service providers are given three months to apply for VASP registration.
Enabling crypto innovation through MiCA regulatory compliance
All firms operating under the previous VASP regime will “continue to operate for up to 12 months or until their CASP authorization is granted or refused, whichever is sooner.”
Related: Ireland drafting urgent crypto laws before EU money-laundering rules
Derville Rowland, the deputy governor at the Central Bank of Ireland, previously said that MiCA regulations give local institutions the guidelines to “build financial inclusivity” and “democratize finance.” She added:
“Innovation has brought in new entrants, new products and new ways of serving customers and the economy. As a result, technological innovation continues to be a focus for the central bank.”
According to Rowland, Ireland’s MiCA implementation will focus on two priorities: better coordination and consistency among other European Union member states and the European Supervisory Authorities and the improvement of the authorization process via industry engagement.
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