Digital asset infrastructure firm BitGo has announced securing authorization to provide selected services in Dubai as the local regulatory authority revealed enforcement actions against multiple companies.
In its announcement, BitGo stated that its Middle East and North Africa (MENA) division received a broker-dealer license from the Virtual Assets Regulatory Authority (VARA). This license enables BitGo to offer “regulated digital asset trading and intermediation services to institutional clients.”
This decision follows the recent approval that BitGo’s European branch received, which allows it to provide crypto services locally under a license from Germany’s Federal Financial Supervisory Authority.
“This approval allows us to serve institutional clients with greater scale, confidence, and integrity, while also underscoring the accelerating momentum within Dubai’s digital asset ecosystem,” said Ben Choy, the General Manager of BitGo MENA.
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Source: BitGo
The licensing announcement happened shortly after VARA disclosed that it had imposed financial penalties on 19 firms engaged in “unlicensed Virtual Asset activities” and violations of VARA’s Marketing Regulations. The enforcement actions recorded in 2025 included issues with the TON DLT Foundation and Hokk Finance.
Many crypto enterprises seek to establish their services in Dubai as the industry expands. VARA, created by Sheikh Mohammed bin Rashid Al Maktoum in 2022, regulates digital assets in the Emirate’s designated development and free zones.
BitGo’s Road to a US Initial Public Offering
In September, BitGo submitted its S-1 registration to the US Securities and Exchange Commission (SEC), laying the foundation for entering public markets. The firm reported over $90 billion in assets as of June 30.
This movement towards regulation in both the EU and the Middle East, alongside progress in US markets, marks a noteworthy evolution in BitGo’s operational strategy over recent years. In 2020, BitGo settled with US regulators for approximately $100,000 following allegations of inadequate due diligence in preventing wallets associated with sanctioned nations.
