BitGo, a cryptocurrency custody firm under U.S. regulation, has obtained a crypto custody license from the German Federal Financial Supervisory Authority (BaFin).
BitGo, which previously secured approval for a New York trust charter from the New York Department of Financial Services (NYDFS) in 2021, has been safeguarding cryptocurrency assets for its clients since 2019. This operation has also been subject to BaFin oversight as part of a transitional regime, as stated in a press release.
Germany has emerged as a prominent European country in the realm of cryptocurrency security. It has enacted legislation that encourages banks and custody experts to manage digital assets and provide associated services.