BitGo Obtains Crypto Custody License in Germany

BitGo, a U.S-regulated cryptocurrency custody company, has secured a crypto custody license from the German Federal Financial Supervisory Authority (BaFin), allowing it to provide regulated custodial solutions in the country through its subsidiary, BitGo Europe GmbH, further consolidating its presence in the European market.

Germany has emerged as a prominent nation in Europe regarding the secure storage of cryptocurrencies, enacting legislation that encourages banks and specialized custody providers to manage digital assets and provide associated services.

Dejan Maljevic, Managing Director of BitGo Europe GmbH, stated: "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, which obtained authorization from the New York Department of Financial Services (NYDFS) for a trust charter in New York in 2021, has been storing cryptocurrency assets for its clients since 2019, also under BaFin supervision, as part of a transitional regime.

While BitGo is expanding geographically, it is also expanding its service offerings. Last month, the crypto custody specialist acquired HeightZero​, a fintech platform for digital asset management and investment fund services, with the aim of offering a comprehensive suite of solutions for wealth managers looking to navigate the cryptocurrency landscape, and helping them embrace crypto investment opportunities.