You could wrap the substitution in a code reference: 

my %functions_hash = ( '\.vms' => sub { $_[0] =~ s{/}{} } );
...
if ( $data =~ /$key/ ) { 
    $value->( $data );
}

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In reply to Re: Using a regex function from a hash by friedo
in thread Using a regex function from a hash by perlNinny

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