Goldman Sachs-backed cryptocurrency custody agency BitGo has change into the newest cryptocurrency firm to safe regulatory approval to function throughout the European Union.
Germany’s monetary regulator, the Federal Monetary Supervisory Authority (BaFin), granted BitGo Europe a Markets in Crypto-Property Regulation (MiCA) license to offer digital asset providers within the EU, the agency introduced on Might 12.
The brand new license permits BitGo to supply providers to each crypto-native companies and conventional finance establishments, together with banks and asset managers inside the EU.
“This license underscores our dedication to the best requirements of safety, transparency, and belief,” BitGo Europe managing director Harald Patt mentioned.
BitGo arrange the EU headquarters in 2023
Based in 2013 in Palo Alto, California, BitGo is a significant platform within the cryptocurrency trade specializing in crypto custodial providers, holding cryptocurrencies like Bitcoin (BTC) on behalf of its purchasers.
BitGo’s newest regulatory milestone in Europe follows a lot of efforts to extend presence within the EU, together with establishing native headquarters in Frankfurt in 2023.
Since establishing BitGo Europe in Germany, BitGo has obtained a number of registrations in a number of EU states, together with Italy, Spain, Poland and Greece.
“With the MiCA license now secured, BitGo can function throughout the complete EU underneath a unified, forward-looking regulatory framework,” the agency mentioned within the announcement.
“Broad vary of institutional-grade options”
BitGo didn’t specify the precise providers it intends to roll out instantly underneath the brand new MiCA license.
“BitGo’s MiCA licence comes at a pivotal second as BitGo expands its product suite to supply a broad vary of institutional-grade digital asset options,” the announcement added.
Associated: Tether CEO defends determination to skip MiCA registration for USDT
As of Might 12, BaFin’s official data didn’t but mirror BitGo’s MiCA license, displaying solely earlier registrations.
Cointelegraph approached BitGo for extra particulars on its MiCA license however didn’t obtain a response by the point of publication.
As beforehand talked about, Germany has emerged as a significant jurisdiction for European companies searching for MiCA registration, with BaFin issuing licenses to a number of corporations, together with Bitpanda and Boerse Stuttgart Digital Custody, in 2025.
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