BitGo Gains VARA License as Dubai Tightens Crypto Rules

BitGo Secures Dubai License as VARA Tightens Crypto Oversight

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 08, 2025

Key Takeaways

BitGo’s MENA arm gained VARA approval to offer digital asset trading and broker services to institutional clients in Dubai;
The license came after VARA fined 19 firms, including TON DLT and Hokk Finance, for unlicensed crypto activity and ad violations;
BitGo’s approvals in Dubai and Germany reflect its regional growth strategy based on meeting regulatory requirements.

Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁

BITDEGREE IN YOUR SOCIAL FEED

BitGo has received official permission to operate in Dubai through its Middle East and North Africa (MENA) branch.

The approval, issued by Dubai’s Virtual Assets Regulatory Authority (VARA), allows BitGo to offer digital asset trading and broker services specifically for institutional clients.

This development comes during a time when VARA is increasing its enforcement efforts.

What is Polygon in Crypto? (Animated Explainer)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Before BitGo shared its licensing update, the regulator announced fines against 19 firms for conducting virtual asset activities without authorization and for violating advertising rules. Among those cited were the TON DLT Foundation and Hokk Finance.

BitGo’s European division also received regulatory clearance from Germany’s Federal Financial Supervisory Authority. That license enables the company to provide crypto-related services to investors in that region.

Together, these approvals show BitGo’s strategy to expand in multiple regions by aligning with local regulations.

Dubai has been working to become a global center for virtual assets. VARA, established in 2022 under the leadership of Sheikh Mohammed bin Rashid Al Maktoum, is responsible for overseeing companies that work with cryptocurrencies and similar technologies in special economic zones.

Ben Choy, who leads BitGo’s MENA operations, noted that the Dubai license strengthens the company’s ability to support institutional partners more effectively, while also reflecting the city’s growing crypto industry.

On October 3, Coinbase $2.98B officially filed an application for a National Trust Company Charter with the US Office of the Comptroller of the Currency (OCC). What is the goal of the application? Read the full story.