BitGo Achieves Major MiCA License in Germany
Crypto custodian BitGo has achieved a significant milestone, securing a comprehensive MiCA license in Germany. This development is crucial for institutions and businesses navigating the evolving landscape of EU crypto regulation.
BitGo Secures Key Regulatory Approval
Goldman Sachs-backed cryptocurrency custody firm BitGo is now authorized to operate its digital asset services across the European Union, following approval from Germany’s financial regulator. The Federal Financial Supervisory Authority (Germany BaFin) granted BitGo Europe the Markets in Crypto-Assets Regulation (MiCA license) on May 12.
What the MiCA License Means for BitGo and Clients
The newly acquired MiCA license permits BitGo to extend its offerings to a broad range of clients within the EU. This includes both crypto-native businesses and traditional finance institutions such as banks and asset managers. The license underscores a commitment to regulatory compliance and security standards in the digital asset space.
Expanding Presence in the EU and Germany BaFin‘s Role
BitGo has actively worked to expand its European footprint. This includes establishing its EU headquarters in Frankfurt in 2023. Prior to obtaining the full MiCA license, BitGo had already secured various national registrations in EU countries like Italy, Spain, Poland, and Greece. Germany, and specifically Germany BaFin, has become a prominent jurisdiction for crypto firms seeking MiCA authorization, with other companies also receiving licenses in the region.
Offering Comprehensive Crypto Custody and Digital Asset Services
Founded in 2013, BitGo is a recognized platform specializing in crypto custody services. The MiCA license positions BitGo to potentially roll out an expanded suite of institutional-grade digital asset solutions. While specific new services were not detailed immediately, the firm stated the license arrives at a significant moment for its product development.
Navigating EU Crypto Regulation
Securing the MiCA license allows BitGo to operate under a unified regulatory framework across the entire EU bloc. This simplifies operations compared to managing multiple national registrations and reflects the increasing clarity provided by EU crypto regulation. The move highlights the importance for crypto companies to align with established financial regulations to serve a wider institutional market.
Summary: A Milestone for Crypto Custody in Europe
BitGo‘s achievement of the MiCA license from Germany BaFin marks a key step in its European expansion. This authorization to provide crypto custody and other digital asset services across the EU under a unified framework is set to enhance its ability to serve both crypto-native and traditional finance clients, reinforcing its position in the regulated digital asset market under EU crypto regulation.
