BitGo Granted German Crypto Custody License by BaFin

U.S.-regulated cryptocurrency custody steadfast BitGo has been granted a crypto custody licence by the German Federal Financial Supervisory Authority (BaFin).

BitGo, which received support from the New York Department of Financial Services (NYDFS) for a New York spot charter successful 2021, has been storing crypto assets for its customers since 2019, besides nether BaFin supervision, arsenic portion of a transitional regime, according to a property release.

Germany has go 1 of the starring countries successful Europe erstwhile it comes to crypto safekeeping, passing laws that promote banks and custody specialists to grip integer assets and connection related services.

“BaFin is recognized arsenic 1 of the world's cardinal trendsetters successful crypto regulation. It enables the advancement that integer currencies entail portion creating a unafraid regulatory framework,” said Dejan Maljevic, the managing manager of BitGo Europe, successful a statement. “We person worked hard to get this license. Now we are pleased to person reached this milestone.”