{"id":185500,"date":"2023-11-02T02:26:39","date_gmt":"2023-11-01T20:56:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=185500"},"modified":"2023-11-02T02:26:39","modified_gmt":"2023-11-01T20:56:39","slug":"bitgo-secures-cryptocurrency-custody-license-in-germany-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitgo-secures-cryptocurrency-custody-license-in-germany-crypto-news\/","title":{"rendered":"BitGo secures cryptocurrency custody license in Germany – Crypto News"},"content":{"rendered":"
\n

Crypto custodial firm BitGo<\/a> reportedly secured a cryptocurrency custody license from the German Federal Financial Supervisory Authority (BaFin), Financial Magnate<\/em> reported<\/a> Nov. 1.<\/p>\n

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.<\/p>\n

\u201cBaFin is recognized as one of the world\u2019s key trendsetters in crypto regulation. It enables the progress that digital currencies entail while creating a secure regulatory framework,\u201d Maljevic reportedly said.<\/p>\n

Before this licensing, BitGo had been assisting its customers in safeguarding their cryptocurrency holdings under BaFin\u2019s supervision through a transitional arrangement established in 2019.<\/p>\n

Meanwhile, this development continues BitGo\u2019s recent positive streak. In August, the firm secured<\/a> $100 million in a funding round that pushed its valuation to $1.75 billion. At the time, CEO Mike Belshe emphasized the importance of being licensed and regulated, stating that \u201cregulatory safety is just on everybody\u2019s minds right now.\u201d<\/p>\n

BitGo secured a New York Trust license in March 2021, allowing it to operate as an independent and regulated qualified custodian under the New York State Banking Law.<\/p>\n

Germany\u2019s role in Europe crypto ecosystem<\/span><\/p>\n

Germany is recognized as one of the most friendly crypto-regulatory environments in Europe.<\/p>\n

A recent study by Chainalysis has positioned the nation as Europe\u2019s second-largest cryptocurrency economy. Additionally, a 2022 CoinCub ranking claimed Germany was the world\u2019s most crypto-friendly country, citing<\/a> its regulatory clarity and strong legal frameworks.<\/p>\n

For context, the country introduced<\/a> regulations allowing companies to issue crypto shares. Besides that, the country\u2019s regulatory authorities have also formulated several measures designed to protect people under jurisdictions.<\/p>\n

This has resulted in major traditional financial institutions like Deutsche Bank AG applying<\/a> for crypto-related licensing with the authorities.<\/p>\n

However, crypto firms like Binance<\/a> and WorldCoin<\/a> have struggled within the region despite its pro-crypto tendencies.<\/p>\n

Posted In: Germany<\/a>, Regulation<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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. \u201cBaFin […]<\/p>\n","protected":false},"author":2,"featured_media":185501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-185500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=185500"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185500\/revisions"}],"predecessor-version":[{"id":185503,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185500\/revisions\/185503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/185501"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=185500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=185500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=185500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}