TechFlow news: BitGo, a U.S.-regulated cryptocurrency custodian, announced it has obtained a cryptocurrency custody license from Germany's Federal Financial Supervisory Authority (BaFin).
BitGo has been storing crypto assets for clients under BaFin supervision since 2019 and previously received approval for a New York trust charter from the New York State Department of Financial Services (NYDFS) in 2021.
Germany has become one of Europe's leading countries by enacting legislation that enables banks and custody specialists to handle digital assets and offer related services, thus fostering growth in the cryptocurrency custody sector.
"BaFin is widely recognized as one of the key trendsetters in global crypto regulation," said Dejan Maljevic, Managing Director of BitGo Europe. "It has advanced the development of digital currencies and created a secure regulatory framework for them. We've put in substantial effort to obtain this license, and we're now pleased to have reached this milestone."
