Coinspeaker
BitGo Bags Crypto Custody License in Germany
Crypto custody firm BitGo is now fully licensed to carry out its custody business in Germany, according to a recent CoinDesk report. This follows after the United States-regulated firm recently secured the appropriate license from the German Federal Financial Supervisory Authority (BaFin).
The new license may make it official, however, BitGo confirms, in a press release, that it already custodies crypto assets in Germany since 2019, albeit under the keen regulatory eye of BaFin.
BitGo MD Europe Praises German Regulator BaFin
It might be worth noting that Germany is fast establishing itself as a worthy example of a European country that welcomes crypto custody and related services with open arms. The country continues to enact rules and regulations that create an enabling environment for banks and crypto custody firms to handle digital assets.
To this end, Dejan Maljevic, the managing director of BitGo Europe, has heaped praises on BaFin. In a statement, Maljevic recounts the work that the regulator currently does, calling it “one of the world’s key trendsetters in crypto regulation.”
The Managing Director also noted that the efforts of BaFin haven’t gone unnoticed, particularly in the area of digital currencies. Part of his statement about the regulator reads:
“It enables the progress that digital currencies entail while creating a secure regulatory framework.”
Overall, BitGo confirms that it is delighted that its efforts to secure the new license have finally paid off.
Global Expansion Plans
For what it’s worth, the new license further reinforces BitGo’s expansion plans. However, the crypto custodian does not seek to expand to Europe alone.
Recently, news filtered through that the Goldman Sachs-backed company is also seeking expansion into the Middle East. This was after Coinspeaker reported about its successful completion of a $100 million funding round, that brought its valuation to $1.75 billion.
Although BitGo CEO Mike Belshe revealed in an interview that the firm is “very close” to getting the coveted Dubai license, the firm’s expansion efforts still do not stop there.
Again, BitGo is also seeking to expand to the Asian region as well. As Belshe says, the firm is focused on prominent areas in the region such as India, Singapore, and South Korea.
BitGo was founded in 2013, and in just ten years, its clients have increased by a whopping 60%. Its assets under custody (AUC) are also up by 20% and have surpassed the $60 billion mark. The crypto custody firm is backed by the likes of Goldman Sachs, Craft Ventures, Digital Currency Group (DCG), and many others.
