BitGo Joins Elite Group as Fourth VARA-Licensed Custodian in Dubai

BitGo, a leading provider of digital asset infrastructure, announced that its Dubai-based subsidiary, BitGo Custody MENA FZE, has been granted a Virtual Assets Service Provider (VASP) operating license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license authorizes the company to offer Virtual Asset Custody Services and Staking solutions.

This approval follows BitGo’s receipt of the in-principle approval (IPA) in January 2025, and marks a significant milestone in BitGo’s global expansion of its suite of regulated, institutional-grade custody solutions.

With this approval, BitGo becomes the fourth entity to receive a VARA custody license, joining Komainu MEA FZE, Hex Trust MENA FZE, and Zand Bank P.J.S.C. The addition of BitGo to this list reflects Dubai’s continued push to establish a world-class framework for institutional-grade digital asset services under a well-regulated and transparent environment.

With the new license, BitGo Custody MENA FZE can offer its secure and efficient cold storage custody services to Institutional and Qualified Investors in the UAE. This achievement underscores the company's commitment to regulatory compliance and security, meeting the growing demand for trusted digital asset services in the region.

Ben Choy, General Manager of BitGo Custody MENA FZE, said, “At BitGo, we provide the most secure and scalable solutions for the digital asset economy. A large part of this effort is ensuring we adhere to the highest regulatory standards. Receiving authorization from VARA reinforces our role as a trusted partner for institutional investors and allows us to provide our award-winning services from Dubai.”

BitGo’s licensing comes at a time when digital asset adoption among traditional financial players is gaining traction. Dubai is rapidly emerging as a global hub for digital asset innovation, making it a strategic location for BitGo’s expansion into the region. Dubai’s regulatory clarity has already attracted some of the world’s most recognized crypto exchanges and custodians, but the demand for localized, compliant infrastructure continues to grow.

CoinMENA, one of the leading VASPs in the region licensed by both VARA and Bahrain’s central bank, is among those using BitGo for its custodial infrastructure.
“At CoinMENA, we are proud to use BitGo as our qualified custodian, and seeing BitGo MENA go through the VARA process is a great step in the right direction as I believe locally regulated digital asset storage is going to become even more important than local data residency. Additionally, VARA gives regulated VASPs incentives to use VARA-regulated custodians (reduced capital requirements, etc.),” said Talal Tabbaa, CEO of CoinMENA.

Beyond custody, BitGo continues to establish itself as a leading global provider of digital asset products and services, having recently secured its position as the world’s largest staking platform by total locked value with $48 billion in assets staked.

With increasing geopolitical and compliance sensitivities, the issue of local custody is rising on the agendas of regulators and institutions alike. In this context, BitGo’s fully licensed presence in Dubai offers both assurance and opportunity for institutional players aiming to enter or expand within the Gulf’s digital asset economy.