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BitGo Granted German Crypto Custody License by BaFin

U.S.-regulated cryptocurrency custody firm BitGo has been granted a crypto custody license by the German Federal Financial Supervisory Authority (BaFin). BitGo, which received approval from the New York Department of Financial Services (NYDFS) for a New York trust charter in 2021, has been storing crypto assets for its customers since 2019, also under BaFin supervision, as part of a transitional regime, according to a press release. 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.

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