BitGo Gains Crypto Custody License from BaFin in Germany

A big milestone has been reached by BitGo, a U.S.-regulated cryptocurrency custody company, which is a significant breakthrough for the sector. BitGo’s activities have significantly expanded with the issuance of a crypto custody license by the German Federal Financial Supervisory Authority (BaFin).

Germany has been a major force in the European cryptocurrency scene over time, especially when it comes to coin storage. The nation has enacted laws to make it easier for banks and other specialized custody providers to hold digital assets securely and provide associated services.

BitGo’s authorization by BaFin marks a pivotal moment in the company’s journey. Dejan Maljevic, the Managing Director of BitGo Europe, expressed his satisfaction, stating, “BaFin is recognized as one of the world’s key trendsetters in crypto regulation. It enables the progress that digital currencies entail while creating a secure regulatory framework. We have worked hard to obtain this license. Now we are pleased to have reached this milestone.”

BitGo’s Storied History in Crypto Custody

Since 2019, BitGo, which is already governed by BaFin, has been actively keeping cryptocurrency assets for its clients. Their adherence to the transitional regulations set out by BaFin is indicative of their dedication to offering regulated and safe crypto custody services.

BitGo’s accomplishment in getting a crypto custody license from BaFin is evidence of the company’s commitment to following strict regulations in the cryptocurrency industry. This accomplishment strengthens BitGo’s standing as a reliable and law-abiding participant in the cryptocurrency custodial market.

This authorization emphasizes the necessity of a strong legal framework to accommodate the changing environment of digital assets and marks another important step toward the wider usage and acceptance of cryptocurrencies.

With the addition of the BaFin approval, BitGo’s regulatory portfolio is strengthened. This is in addition to the New York trust charter that it was granted in 2021 by the New York Department of Financial Services (NYDFS).

In addition to demonstrating the company’s goals, BitGo’s increased operations and license in Germany also show how Europe’s laws governing cryptocurrencies are changing.