BitGo Receives Crypto Custody License From German Financial Regulator BaFin

According to CoinDesk, U.S.-regulated cryptocurrency custody firm BitGo has been granted a crypto custody license by the German Federal Financial Supervisory Authority (BaFin). BitGo received approval from the New York Department of Financial Services (NYDFS) for a New York trust charter in 2021 and has been storing crypto assets for its customers since 2019, also under BaFin supervision, as part of a transitional regime.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. Dejan Maljevic, the managing director of BitGo Europe, said in a statement, '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. We have worked hard to obtain this license. Now we are pleased to have reached this milestone.'