BitGo Scores Major Win in Dubai: Receives Broker-Dealer License for Digital Asset Trading
Dubai's digital asset market has gained recognition with BitGo receiving a broker-dealer license from the Virtual Asset Regulatory Authority (VARA) in the UAE. This approval, following a recent authorization from Germany's BaFin, signals BitGo's growing regulatory compliance in the regions.
BitGo, a leading digital asset management company, has secured a significant milestone in the Middle East and North Africa (MENA) region. The broker-dealer license, issued by Dubai's VARA, allows BitGo MENA to serve licensed financial institutions in the UAE with regulated digital securities trading. This follows BitGo's authorization from Germany's BaFin for its European operations, demonstrating the company's commitment to regulatory compliance on a global scale.
Ben Choy, managing director of BitGo MENA, expects this approval to instill greater confidence and integrity in institutional clients. With the license, BitGo MENA can now offer institutional clients regulated trading and brokerage services in the Dubai region, further cementing Dubai's position as a global hub for digital assets.
BitGo's broker-dealer license from Dubai's VARA underscores the growth and increasing regulation of Dubai's digital asset market in the regions. The approval, coupled with BitGo's recent authorization from BaFin, positions the company to serve institutions with greater scale and confidence in the UAE.
