Crypto custodian BitGo secures license from Germany’s BaFin to expand services in Europe

Bitgo has obtained a Mica de Bafin license, allowing it to offer regulated cryptography services in the European Union.

Cryptocurrency guardian Bitgo has received regulations on crypto -active markets – also known as Mica – License of GermanyFederal financial supervision authority, allowing it to offer cryptography services across Europe.

In a Monday blog adBitgo said that the license was granted to Bitgo Europe GmbH, its European entity established in 2023, which is already registered in several EU countries, including Italy, Spain, Poland and Greece.

“Bitgo is now well positioned to serve both cryptocurrency companies and traditional financial institutions – such as banks and asset managers – who seek to engage with digital assets thanks to a secure and compliant infrastructure provider.”

Bitgo

Commenting on the license, Bitgo said that the European Union is a “global hub for innovation of digital assets, driven by the clear and harmonized approach to Mica regulations” and said that the new rules have contributed to “accelerating institutional participation while increasing market confidence”.

However, everyone in the cryptography industry does not share Bitgo’s point of view. A few always believe That mica could lead some companies to close or merger while they are looking for a larger scale to respond to regulatory requests.

Mica officially entered into force at the end of 2024, aimed at replacing the regulatory landscape previously fragmented by a single set of rules in the 27 EU member states. According to TRM Labs analysts, only 17 cryptographic companies had received authorization under the mica in seven EU countries, citing data from the European Securities and Markets Authority.