The digital asset infrastructure company BitGo has announced that it has received regulatory approval to provide specific services in Dubai, coinciding with multiple enforcement actions announced by regulators.
BitGo stated in a Tuesday announcement that its Middle East and North Africa (MENA) branch has obtained a brokerage license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing the company to offer "regulated digital asset trading and intermediary services" to institutional clients.
This move comes weeks after BitGo indicated that its European subsidiary could provide cryptocurrency services to local investors under the license of the Federal Financial Supervisory Authority in Germany.
"This approval enables us to serve institutional clients with greater scale, confidence, and integrity, while also highlighting the momentum of Dubai's rapidly developing digital asset ecosystem," said Ben Choy, General Manager of BitGo MENA.
The announcement of the license approval came less than 24 hours after VARA announced financial penalties against 19 companies for "unlicensed virtual asset activities" and "violations of VARA marketing regulations." The enforcement actions initiated by VARA in 2025 include actions against the TON DLT Foundation and Hokk Finance.
As the market grows, many cryptocurrency companies are striving to offer their products and services in Dubai. VARA was established in 2022 by Sheikh Mohammed bin Rashid Al Maktoum and is responsible for overseeing digital asset enforcement in the emirate's special development zones and free zones.
In September, BitGo submitted an S-1 registration document to the U.S. Securities and Exchange Commission (SEC), laying the groundwork for an IPO. The U.S. company reported managing over $90 billion in assets as of June 30.
The regulatory initiatives in the EU and the Middle East, along with progress in the U.S. market, represent a significant shift in BitGo's activities in recent years. In 2020, the company reached a settlement with U.S. authorities for approximately $100,000 after being accused of failing to conduct due diligence to prevent wallets associated with sanctioned countries.
Related: Dubai Virtual Assets Regulatory Authority (VARA) fines 19 unlicensed crypto companies
Original: “BitGo Secures VARA License Amid Regulatory Crackdown”
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