BitGo, a leading digital asset infrastructure and custody provider, announced that its Middle East and North Africa (MENA) subsidiary has secured a broker-dealer license from the Virtual Assets Regulatory Authority (VARA) in Dubai. The license authorizes BitGo MENA to offer regulated digital asset trading and intermediation services to institutional clients within Dubai’s special development and free zones.
The approval comes less than 24 hours after VARA imposed financial penalties on 19 companies for unlicensed virtual asset activities and breaches of marketing regulations. The enforcement actions targeted entities including the TON DLT Foundation and Hokk Finance. VARA’s actions underscore its commitment to upholding regulatory standards and protecting market integrity in one of the world’s fastest-growing digital asset hubs.
“This broker-dealer license marks a significant milestone for BitGo’s expansion into the Middle East,” said Ben Choy, General Manager of BitGo MENA. “It enables us to bring institutional-grade custody, trading, and settlement services to the region under the clear oversight of VARA, reinforcing market confidence and supporting responsible innovation.”
BitGo’s new license builds on its European Markets in Crypto-Assets Regulation (MiCA) approval in Germany, where BaFin granted BitGo Europe a custody and staking license in May 2025. The combined regulatory frameworks position BitGo as one of the few global custodians with extensive authorizations across multiple jurisdictions.
BitGo MENA’s services will include multi-signature cold storage custody, staking solutions, and a fully compliant trading platform. Institutional clients will benefit from BitGo’s deep liquidity partnerships, real-time auditing capabilities, and integrated insurance coverage against loss or theft. The firm’s Asia-Pacific and U.S. entities have collectively achieved over $100 billion in assets under custody.
VARA, established in 2022 under the Dubai ruler’s decree, regulates virtual asset service providers within Dubai’s free zones. Its mandate includes licensing, supervision, and enforcement to ensure high standards of financial crime compliance, asset segregation, and operational resilience. The regulator’s swift actions signal its intention to foster a secure, transparent environment for digital asset businesses.
BitGo’s licensing timeline reflects a broader trend of global custodians seeking regulatory clarity. Following the U.S. Treasury’s 2024 guidance and the European Union’s MiCA framework, industry participants have prioritized formal approvals to meet institutional demand and preempt enforcement risks.
With its MENA license, BitGo aims to support the region’s growing institutional adoption of digital assets, including sovereign wealth funds, family offices, and regional exchanges. The firm’s roadmap includes launching a Dubai-based OTC trading desk and exploring tokenization services for real-world assets such as real estate and private equity.
The VARA license also aligns with Dubai’s broader digital economy strategy, which targets a $100 billion virtual asset industry by 2030. Infrastructure projects, public-private partnerships, and regulatory sandboxes have attracted major players, positioning the Emirate as a strategic gateway between East and West.
“Dubai’s regulatory clarity and proactive framework have made it a preferred destination for digital asset businesses,” said Choy. “Our VARA license enables BitGo to accelerate product launches and meet the institutional market’s evolving needs, all under a robust compliance regime.”
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