Digital asset infrastructure company BitGo said it has obtained regulatory approval to offer specific services in Dubai, amid the agency’s announcement of several enforcement measures.
In a notice published on Tuesday, BitGo said its Middle East and North Africa (MENA) arm had obtained a broker’s license from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing the company to provide “regulated digital assets trading and intermediation services to institutional clients.”
The move came just weeks after BitGo said its European subsidiary could offer crypto services to local investors under a license from Germany’s Federal Financial Supervisory Authority.
“This approval allows us to serve our institutional clients with greater scale, trust and integrity, while also highlighting the accelerating dynamics within Dubai’s digital assets ecosystem,” said Ben Choy, Managing Director of BitGo MENA.
The notice of license approval came less than 24 hours after VARA said it had imposed financial sanctions against 19 companies for “unlicensed virtual asset activities and “violations of VARA’s marketing regulations.” VARA’s enforcement actions filed in 2025 include those against the TON DLT Foundation and Hokk Finance.
Related: Dubai and UAE decide to align crypto frameworks in new partnership
Many crypto companies have made efforts to bring their products and services to Dubai as the market grows. VARA, established under the leadership of Sheikh Mohammed bin Rashid Al Maktoum in 2022, oversees the control of digital assets in the Emirate’s special development zones and free zones.
BitGo Heads For U.S. IPO
In September, BitGo filed its S-1 registration with the United States Securities and Exchange Commission (SEC), laying the groundwork for its IPO. The American company reported more than $90 billion in assets as of June 30.
The move toward regulation in the EU and Middle East, as well as its advances in US markets, represented a significant shift in BitGo’s business in recent years. In 2020, the company settled approximately $100,000 with U.S. authorities over allegations that it failed to exercise due diligence in blocking wallets linked to sanctioned countries.
Review: Hong Kong is not the loophole Chinese crypto companies think it is
