Digital asset custodian BitGo has received a Virtual Assets Regulatory Authority (VARA) license for its Middle East and North Africa operations, marking a significant milestone in the company’s global expansion strategy. The approval comes as Dubai’s regulatory body continues its comprehensive oversight of the digital assets sector, implementing enforcement measures against multiple industry participants.
While BitGo secured regulatory clearance for its regional entity, VARA simultaneously announced financial penalties against 19 companies operating in the digital asset space. These coordinated actions demonstrate the regulator’s balanced approach to market development, combining strategic approvals with rigorous compliance enforcement.
The VARA license enables BitGo to offer institutional-grade digital asset custody and security solutions throughout the MENA region, positioning the company to serve growing institutional demand in one of cryptocurrency’s emerging markets. This regulatory endorsement follows BitGo’s established track record in providing secure custody services to institutional clients globally.
Industry analysts note that Dubai’s simultaneous regulatory actions—both approving qualified market participants and penalizing non-compliant entities—reflects a maturing regulatory framework designed to foster responsible innovation while maintaining market integrity. This development signals continued institutional adoption of digital assets in regulated environments worldwide.
