BitGo Wins Dubai Nod to Serve Institutions as Regulator Purges Rogue Actors
BitGo, a digital asset infrastructure company, has received a broker-dealer license from Dubai’s VARA, specifically authorizing it to offer “regulated digital asset trading and intermediation services to institutional clients.” The move signals a maturation of the market, where regulated players are being separated from unlicensed ones.
The timing is significant, as the announcement comes amidst a sweeping regulatory crackdown by VARA, which penalized 19 entities for violations. This contrast underscores a shift towards a regulated institutional-grade market in Dubai.
“This approval allows us to serve institutional clients with greater scale, confidence, and integrity,” said Ben Choy, General Manager of BitGo MENA, emphasizing the demand for compliant crypto services.
