Joining us in the studio is Ben Choy, General Manager of MENA at BTGO, the digital asset infrastructure company. Ben, welcome to Wall Street to Mena.
Thank you for having me.
BTGO just launched electronic trading here in Dubai this June. What does that actually add to what you were already offering?
The launch of eTrade really helps us give our clients access to deep pools of liquidity across the markets. A lot of our clients are institutional by nature and they demand the flexibility to get exposure to digital asset markets around the clock. The eTrade platform is designed to give them 24/7 availability to manage their positions, as well as access to custody and security services here in the market.
You hold two licenses here under VARA — custody and broker dealer. What does having both under one regulatory roof actually mean in practice?
As the market matures, it's increasingly a question of infrastructure quality. The market demands access to quality custody, quality settlement, and trading with the right governance controls around it. The reason we hold both licenses is to ensure custodian separation — your assets are kept safe under a separate legal entity — while at the same time allowing our clients to get market exposure within that same trusted custody environment.
Given the global volatility right now, institutions keep choosing Dubai as a base for their business. What are they actually looking for when they make that decision?
The conversations we're having with clients today have shifted significantly. It's no longer exploratory — it's no longer "tell us about the market." It's "how do we do this, and what's the timeline to get to market?" The demand has become much more concrete. Institutions are focused on execution, and I think that's a direct result of the regulatory certainty that this environment brings to institutions looking to enter the space.
Let's talk about VARA, which just licensed its 50th company — a big milestone for fintech here. How has that regulatory framework helped position Dubai as a long-term institutional hub rather than just another crypto market?
Having this regulatory framework removes uncertainty from the decision-making process. When funds look at entering a market, they look at the available pathways and how quickly they can get to market. The framework that VARA has built and continues to evolve in collaboration with the industry is giving firms the clarity they need to enter, invest, and establish a presence here. Dubai is starting to look more like a regulated financial ecosystem than a regulatory sandbox, and with 50 licenses now issued, we're really starting to see real institutional activity and uptake.
What does that milestone mean for the broader fintech scene? Are we going to see a big change?
It's no longer a question of access when it comes to digital assets. It's about the quality of your custody, your regulatory framework, your settlement, and your counterparties. The ecosystem is maturing and moving up the value chain in financial services. It's not about giving as many people access as possible anymore — it's about the quality of infrastructure. That's where Dubai is really moving, bringing the full infrastructure stack into the digital asset ecosystem.
BTGO also holds a MiCA license in Europe. How does VARA's approach compare to the European market?
VARA has been very proactive in reaching out to institutions here in the UAE. Their regulatory frameworks are always consultative in nature — they take the time to understand what the industry is going through, how it's evolving, and how to craft regulations that promote safety and security while enabling growth. VARA has been very considered in its approach, and for institutions like us, that measured and conservative nature when it comes to regulatory design is something we genuinely appreciate.
Custody is still the number one institutional concern. Why does where you keep your digital assets matter so much right now?
Our mission is to deliver trust, safety, and security to the highest standards of regulatory compliance in digital asset custody. The difference between BTGO and some of our competitors is that we own the entire infrastructure stack end to end. We're not just a wrapper on a third-party technology service providing some sort of legal arrangement. We own the infrastructure — and that matters because you need to know exactly where your digital assets are. In this industry, if you don't know your keys, it's not your crypto. Institutional investors who are concerned about security, compliance, and reputation want partners like us to help power their digital asset journey.
With ongoing volatility and regional uncertainty, why does infrastructure matter this much right now?
The geopolitical uncertainty has actually helped crystallise the intentions of a lot of institutions that were considering entering the market. It's led to an uptick in demand for quality infrastructure services here in the UAE. Demand has become more execution-based and more concrete. Firms today factor in geopolitical considerations, but at the end of the day it comes down to execution. Most institutions here are here for the long term. We take a long view on digital assets, and what matters to us is the ability to execute, the ability to build, and the ability to grow.
That's very important, especially as we see demand rising in Dubai and across this market. Thank you so much for being here with us, Ben.
Thank you very much for having me.
