Key Takeaways
- HashKey Global secured a VASP license in the MENA region, marking a major step in its global expansion.
- The firm is bringing its “regulated model” to the region, emphasizing strict compliance and vertically integrated OTC services.
- HashKey Capital is actively seeking to invest in or partner with Web3 startups across MENA.
As the Middle East solidifies its status as a global hub for crypto and Web3, established players are moving quickly to gain ground in one of the world’s most active digital asset markets.
One of the latest to join the fray is HashKey Group , which is expanding its institutional-grade infrastructure and regulation-first ethos into the MENA region.
CCN spoke with Sherif Sanad, Head of HashKey Global MENA, to discuss how the firm’s experience across Asia is shaping its strategy in the Gulf, what services and partnerships are rolling out first, and why tokenization and education will be critical pillars going forward.
HashKey Global Enters the Middle East
HashKey Group, one of Asia’s most prominent digital asset firms, is bringing its compliance-driven playbook to the Middle East with the launch of HashKey Global MENA.
Following regulatory success in Hong Kong and elsewhere in Asia-Pacific, the group recently secured a Virtual Asset Service Provider (VASP) license in the UAE—a move it calls a major step in its international growth plan.
“HashKey Group aims to extend the experience of the ‘regulated model’ financial management system globally, including implementation of strict compliance policies and procedures, rigorous employee training, regular audits, and continuous monitoring for compliance gaps,” Sanad told CCN.
He called the UAE license “a significant milestone in HashKey’s market expansion strategy,” and noted that the firm plans to target both retail and enterprise clients across the region.
“As the UAE continues to establish itself as the premier hub for digital assets in the Middle East, HashKey Global MENA will cater to consumers and enterprises seeking trusted, compliant access to virtual asset services.”
In its first year of MENA operations, HashKey plans to prioritize exchange and OTC services, with a sharp focus on transparency and execution quality.
“We believe that transparency regarding pricing and execution time is a crucial part of the overall user experience,” he explained. “One of the reasons why we can achieve this level of transparency is because of vertical integration, where the entire OTC process, including custody, is managed by HashKey internally.”
Backed by Standard Chartered
HashKey’s entry into MENA comes at a time when global exchanges are jostling for position in the region.
Sanad believes that HashKey’s reputation for credibility and adherence to regulatory frameworks sets it apart. These values increasingly resonate with both institutional and retail users.
“Here at HashKey, we are proud of building boldly while adhering to the core concept of ‘compliance first,’” Sanad told CCN.
“This development strategy has earned us a strong reputation as a reliable company in the eyes of our customers and partners. Our licensed background and reputation among institutional and retail investors in the jurisdictions where we currently operate serve as a powerful springboard for successful launch and speedy development in the MENA region,” he added.
To support local infrastructure and liquidity, HashKey is leaning on strong financial partnerships. One of the most notable is with Standard Chartered Bank, which is powering fiat deposit and withdrawal rails on the platform.
“One of our strategic partners in the MENA region is Standard Chartered Bank, and it helps us provide fiat currency deposit and withdrawal services for the platform,” said Sanad. “Powered by the bank’s industry-leading (on & off)-ramp solution, the platform offers users a secure, reliable, and highly efficient fiat deposit and withdrawal experience.”
Building a Local Web3 Venture Ecosystem
HashKey’s ambitions in the region extend beyond trading.
Through its venture arm, HashKey Capital, the firm is looking to foster a healthy Web3 startup ecosystem through direct investment, incubation, and partnerships with local founders.
“HashKey Capital, HashKey’s venture arm, is always on the lookout for high-quality projects to invest, incubate or partner with, and local Web3 startups in the MENA are no exception,” Sanad said.
“The MENA region has become an attractive hub for Web3 startup companies thanks to a transparent regulatory framework, favorable tax environment, access to fundraising opportunities and well-attended industry events. With HashKey Global MENA’s presence, we are eager to connect with local Web3 startup founders and ecosystem partners and to contribute to the flourishing local Web3 venture ecosystem,” he added.
Crypto Literacy as a Long-Term Priority
Sanad also noted that user education is essential for long-term adoption, especially in an industry where technical complexity and risk have deterred some participants.
He emphasized that HashKey will actively contribute to building trust and literacy through local initiatives.
“Even though the history of our industry is relatively short, users and companies have unfortunately encountered a fair share of security incidents, some of which resulted from inadequate understanding,” he said.
“We believe that education is crucial to sustainable digital asset adoption and as we expand the range of services offered in the MENA region, we will continue to educate our users, work together with the local regulators and industry partners to build an ecosystem where all participants can make qualified decisions based on their individual needs,” Sanad told CCN.
Tokenized Assets: The Next Frontier
Looking further ahead, tokenization appears to be another major area of focus.
With the UAE’s booming real estate market and growing interest in digital representations of real-world assets, HashKey sees an opportunity to build and deploy tokenized asset services tailored to local needs.
“Tokenization of real-world assets is gaining traction in the UAE with the demand coming mainly from many developers and large real estate asset owners following the decade-long real estate boom,” Sanad said.
“Currently, we’re already working with companies in different geographies on their tokenization-related needs, and we will explore ways to offer relevant tokenized asset services in the MENA market,” he added.
What’s Next for HashKey in the Region?
HashKey’s long-term roadmap in the region will be shaped by evolving client needs and the local regulatory climate.
While exchange and OTC services are the immediate focus, the firm is open to expanding into adjacent areas like tokenization advisory, node validation, and institutional-grade execution services as the market matures.
“With the official launch this month, our immediate focus is to enter this new market successfully by demonstrating to local clients that our suite of products and services, distinguished by several best-in-class features, is superior in terms of quality and pricing, including exchange and OTC services,” Sanad said.
“We will expand the range of services according to the local market needs while staying in full compliance with the local regulations,” he added.
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