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BitGo Granted German Crypto Custody License by BaFin
BitGo had already been storing crypto assets under the regulator's supervision since 2019 as part of a transitional regime, the firm said.
U.S.-regulated cryptocurrency custody firm BitGo has been granted a crypto custody license by the German Federal Financial Supervisory Authority (BaFin).
BitGo, which received approval from the New York Department of Financial Services (NYDFS) for a New York trust charter in 2021, has been storing crypto assets for its customers since 2019, also under BaFin supervision, as part of a transitional regime, according to a press release.
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Germany has become one of the leading countries in Europe when it comes to crypto safekeeping, passing laws that encourage banks and custody specialists to handle digital assets and offer related services.
“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,” said Dejan Maljevic, the managing director of BitGo Europe, in a statement. “We have worked hard to obtain this license. Now we are pleased to have reached this milestone.”
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
