BitGo, a leading crypto custody firm, has obtained a cryptocurrency license from Germany’s BaFin, solidifying its presence in the European market. This move underscores the growing adoption of cryptocurrency in Germany.
BitGo, a major player in cryptocurrency custody, has obtained a cryptocurrency license from the German Federal Financial Supervisory Authority (BaFin), as reported on November 1. BitGo had been storing crypto assets under BaFin’s supervision since 2019 and has now secured its regulatory compliance. This milestone is crucial for BitGo’s European presence, as it allows them to offer secure custodial services in Germany.
Dejan Maljevic, BitGo Europe managing director, highlighted the significance of BaFin’s recognition in crypto regulation. He emphasized that the license paves the way for the progression of digital currencies within a secure regulatory framework.
BitGo had previously set up regulated custodial entities in Germany and Switzerland in February 2020, followed by a New York Trust license in March 2021. This latest development comes on the heels of BitGo’s successful $100 million Series C financing round, further underlining the growing cryptocurrency adoption in Germany, which is emerging as a key player in the European crypto economy.