Dubai's VARA Approves HashKey MENA for Crypto Derivatives

HashKey MENA has secured approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto derivatives, marking a significant step towards establishing a regulated futures market in the region.

The approval allows HashKey to layer perpetual futures on top of its existing spot trading business, which already operates in the region. Perpetual futures are a product that dominates global crypto volume, and their inclusion will provide institutional desks with a clearer path to participating in crypto derivatives.

Dubai's VARA has been gradually moving from concept to concrete permissions, and this approval suggests the authority is comfortable extending beyond spot trading. The decision also contrasts with the US, where a crypto bill is still being debated in Congress.

The launch timeline and product specifications for HashKey's perpetual futures are still unclear, but the approval is seen as a major milestone in establishing Dubai as a node for compliant futures flow.