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.
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.”
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