PANews reported on October 8th that according to Cointelegraph, digital asset infrastructure company BitGo stated that it has obtained regulatory approval to provide certain services in Dubai, as relevant Dubai authorities announced multiple law enforcement actions. In an announcement released on Tuesday, BitGo stated that its Middle East and North Africa (MENA) branch has obtained a broker-dealer license issued by the Dubai Virtual Asset Regulatory Authority (VARA), allowing the company to "provide regulated digital asset trading and intermediary services to institutional clients."

VARA’s announcement of the license approval comes less than 24 hours after it said it had fined 19 companies for “unlicensed virtual asset activities” and “violations of VARA’s marketing regulations.”