BitGo’s Middle East and North Africa (MENA) division has been granted authorization to conduct business in Dubai.
The go-ahead, provided by Dubai’s Virtual Assets Regulatory Authority (VARA), enables BitGo to provide trading in digital assets and brokerage services specifically tailored for institutional investors.
This news arrives as VARA steps up its regulatory oversight in the virtual asset space.
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Prior to BitGo’s announcement of its Dubai operational permit, the regulatory body revealed sanctions against 19 entities for unauthorized virtual asset dealings and advertising breaches. The TON DLT Foundation and Hokk Finance were among those identified.
BitGo’s operations in Europe have similarly achieved regulatory approval from Germany’s financial supervisory authority, BaFin. The permit authorizes the firm to deliver cryptocurrency services to investors based in Germany.
These approvals underscore BitGo’s approach of geographically expanding its operations through compliance with regional regulatory guidelines.
Dubai is actively cultivating itself as a premier hub for digital assets. VARA, established in 2022 under the direction of Sheikh Mohammed bin Rashid Al Maktoum, regulates organizations dealing with cryptocurrencies and associated technology within specific economic zones.
Ben Choy, heading BitGo’s MENA activities, stated that the Dubai license enhances the company’s capabilities in supporting institutional partners, reflecting the city’s burgeoning cryptocurrency industry.
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