Crypto custodial firm BitGo reportedly secured a cryptocurrency custody license from the German Federal Financial Supervisory Authority (BaFin), Financial Magnate reported Nov. 1.
The licensing represents a significant milestone for BitGo in Europe and highlights the important role BaFin plays in setting crypto regulation, according to Dejan Maljevic, the managing director of BitGo Europe.
“BaFin is recognized as one of the world’s key trendsetters in crypto regulation. It enables the progress that digital currencies entail while creating a secure regulatory framework,” Maljevic reportedly said.
Before this licensing, BitGo had been assisting its customers in safeguarding their cryptocurrency holdings under BaFin’s supervision through a transitional arrangement established in 2019.
Meanwhile, this development continues BitGo’s recent positive streak. In August, the firm secured $100 million in a funding round that pushed its valuation to $1.75 billion. At the time, CEO Mike B
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