Diverter Valves available for the B7A4 2.0T as a direct bolt-on:
Blow-Off Valves (BOV) and Bypass Valves (BPV)/Diverter Valve (DV) are pretty much the same thing.
These devices are simply an actuator with either a built-in piston or diaphragm that allows air to pass through with the movement of the piston or diaphragm. The piston and/or diaphragm is controlled by the vacuum and pressure built up from your charge air stream (generally at or near the throttle body in the intake manifold), where it will open and close accordingly. When you let off your throttle going from a positive boost state into a vacuum state, your throttle plate will close - blocking air passage into throttle body. This excess pressure needs to be vented out ("blown off") to prevent it from going back into the turbo compressor and causing it to sometimes spin backwards. This effect is also known as "Compression Surge" and enough can severely damage a turbocharger. This is when a BOV/BPV comes into play. Most turbocharged cars come with a factory BPV, or Diverter Valve (DV) as we call it, that will "bypass" the excess boost out through the intake tract. A BOV simply vents the excess boost into the atmosphere.
The following animation demonstrates the operation of a built-in piston within a BOV (not 100% atmospheric ventilation)

Why Blow-Off Valves are not recommended for the B7A4?
I am not saying you "can't" use a BOV but it's not really worthwhile - will cause more harm than good. Venting into the atmosphere as opposed to back into the intake makes the sound a lot more aggressive - the #1 reason why people opt for a BOV over a BPV setup (with the exception of high boost applications). The B7A4 comes with a Mass Air Flow Sensor which meters all incoming and outgoing air. This allows the ECU to adjust your air-to-fuel (A/F) ratio accordingly. However, once the metered air is "blown off," the MAF will no longer see it and your A/F may be adversely affected as a result.
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