BitGo Expands Regulatory Compliance in Germany with Cryptocurrency License

BitGo Obtains License from German Financial Authority

Cryptocurrency custody firm BitGo has reportedly obtained a cryptocurrency license from the German Federal Financial Supervisory Authority (BaFin), according to a report by Finance Magnates. This move expands BitGo's regulatory compliance in Germany, where it has been storing crypto assets for clients since 2019.

Securing BitGo's Presence in the European Market

The German license is seen as an important milestone for BitGo, as it secures the company's presence in the European market. BitGo Europe managing director Dejan Maljevic stated that BaFin is recognized as a key trendsetter in crypto regulation, and the license enables the progress of digital currencies while creating a secure regulatory framework.

BitGo's Expansion and Regulatory Approvals

BitGo originally set up regulated custodial entities in Germany and Switzerland in February 2020, and its German subsidiary, BitGo Deutschland GmbH, has been providing custody services in Germany. The company also secured a New York Trust license in March 2021, allowing it to operate as an independent custodian in the state.

Sign of Growing Cryptocurrency Adoption in Germany

BitGo's regulatory milestone in Germany reflects the growing adoption of cryptocurrencies in the country. According to a report by Chainalysis, Germany is the second largest cryptocurrency economy in the Central, Northern, and Western Europe region, following the United Kingdom.

Neither BitGo nor BaFin has responded to requests for comment.