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BitGo has obtained a brokerage license issued by the Dubai Virtual Assets Regulatory Authority.
According to Mars Finance, BitGo, a digital asset infrastructure company, has stated that it has received regulatory approval to provide certain services in Dubai as the relevant authorities announced multiple enforcement actions. In a statement released on Tuesday, BitGo mentioned that its Middle East and North Africa (MENA) branch has obtained a brokerage license issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing the company to "provide regulated digital asset trading and intermediary services to institutional clients." Less than 24 hours before VARA announced the approval of the license, it stated that it had fined 19 companies for engaging in "unlicensed virtual asset activities" and "violating VARA marketing regulations."