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Hong Kong-based crypto exchange HashKey secures VASP license in Ireland

  • HashKey has secured a VASP license in Ireland.
  • The license allows crypto trading and custody services.
  • The licensing aligns with the EU’s MiCA regulations requirement.

In a move towards global expansion, Hong Kong-based cryptocurrency exchange HashKey has successfully obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland.

This milestone was announced on January 7, 2025, through HashKey Europe Limited, a subsidiary under the HashKey Group umbrella.

This new license allows HashKey to engage in a variety of cryptocurrency-related activities within Ireland, including the facilitation of fiat-to-crypto and crypto-to-crypto trading. Additionally, the company can now provide custodial wallet services and manage the transfer of virtual assets on behalf of its clients.

This regulatory approval marks HashKey’s entry into the European market, expanding its operational reach beyond its established bases in Hong Kong, Singapore, Japan, and Bermuda.

HashKey’s VASP license in Ireland aligns with the EU’s MiCA regulations

The acquisition of the VASP license aligns with the European Union’s Markets in Crypto-Assets (MiCA) Regulation, which mandates that all crypto service providers operating within the EU must secure such licenses by December 30, 2024. This regulatory framework aims to ensure a standardized approach to crypto operations across the EU, focusing on consumer protection, market integrity, and financial stability.

HashKey’s strategic move into Ireland is viewed by the company as a “critical step toward strengthening its presence in key international markets.” This expansion not only signifies HashKey’s commitment to compliance with international standards but also positions it alongside other notable entities like Ripple, Paysafe, MoonPay, Gemini, and Coinbase, which have also been approved by the Irish Central Bank.

Under MiCA, VASPs are subjected to rigorous checks, including Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements. They must also demonstrate robust operational resilience, secure protocols, and the integrity of their management teams. Furthermore, exchanges are bound by enhanced reporting obligations, particularly concerning large transactions, to promote transparency and adherence to regulatory norms.

Notably, HashKey’s licensing comes after Irish Central Bank Governor Derville Rowland emphasized Ireland’s dedication to fostering innovation while ensuring security within the crypto sector. Her comments, made in September of the previous year, highlighted Ireland’s ambition to maintain its status as a secure and innovative financial hub in the era of digital assets.

With this license, HashKey not only broadens its service offerings but also strengthens its position as a key player in the global cryptocurrency market, ready to navigate the complexities of the European regulatory landscape.

The post Hong Kong-based crypto exchange HashKey secures VASP license in Ireland appeared first on CoinJournal.

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Fed’s vice chair for supervision Michael Barr to step down in February

  • Michael Barr’s resignation is effective from February 28, 2025, but he will continue as governor of the Federal Reserve Board
  • A Reuters report indicated in December that Barr was seeking legal advice regarding his options should Trump attempt to remove him

Michael Barr, the US Federal Reserve’s vice chair for supervision, who warned banks about increased liquidity risks regarding accepting crypto deposits, will step down next month.

In a January 6 letter to US President Joe Biden, Barr’s resignation is effective from February 28, 2025 “or such earlier time as a successor is confirmed.” Barr will continue serving as governor of the Federal Reserve Board, which lasts until his term ends in 2026.

There has been some speculation that President-elect Donald Trump will replace Barr once he takes office again on January 20. A Reuters report in late December indicated that Barr was consulting with a law firm over his options against attempts from Trump should he try to remove him.

While nothing was mentioned in his resignation letter, Barr noted in a statement that “the risk of a dispute over the position could be a distraction from our mission. In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor.”

Taking to X, Caitlin Long, founder and CEO of Custodia Bank, wrote: “THE FED’S DEBANKER-IN-CHIEF IS OUT! Michael Barr, the last remaining Biden/Warren appointee who architected #OperationChokePoint2.0 at a federal financial agency, will resign as vice chair for supervision in Feb.”

Other people within the Operation Choke Point 2.0 diagram Long posted include outgoing US Securities and Exchange Commission (SEC) Chair Gary Gensler, US Massachusetts Senator Elizabeth Warren, Federal Reserve board member Michael Gibson, and Nellie Lang, Under Secretary of the Treasury for Domestic Finance, among others.

Barr’s departure comes weeks after Gensler and Commissioner Jaime Lizárraga announced their resignations in November. Both will step down later this month when Trump takes office.

Wyoming Senator Cynthia Lummis said on X that “Michael Barr has completely failed to fulfill his duties as Vice Chair for Supervision at every turn, enabling Operation Chokepoint 2.0 and illegally increasing his power at the cost of Wyoming’s digital asset industry.”

The post Fed’s vice chair for supervision Michael Barr to step down in February appeared first on CoinJournal.