US crypto custody firm BitGo wins BaFin license in Germany: Report
BitGo originally announced it was setting up two regulated custodial entities in Germany and Switzerland in February 2020. Major cryptocurrency custody firm BitGo is reportedly expanding its regulatory compliance in Germany more than three years after launching a dedicated local subsidiary. BitGo has obtained a crypto currency license from the German Federal Financial Supervisory Authority (BaFin), according to a Nov. 1 report by Finance Magnates. The firm has been storing crypto assets like Bitcoin (BTC) for its clients since 2019 under the supervision of BaFin as part of a transitional regime, the report notes. The German license secures BitGo's presence in the European market and is an important milestone for BitGo, BitGo Europe managing director Dejan Maljevic said. “BaFin is recognized as one of the world’s key trendsetters in crypto regulation,” Maljevic noted, adding that the license “enables the progress that digital currencies entail while creating a secure regulatory ...