Introduction to BitGo’s Regulatory Approval
Goldman Sachs-backed cryptocurrency custody firm BitGo has become the latest cryptocurrency company to secure regulatory approval to operate across the European Union. Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin), granted BitGo Europe a Markets in Crypto-Assets Regulation (MiCA) license to provide digital asset services in the EU.
What the License Means for BitGo
The new license allows BitGo to offer services to both crypto-native firms and traditional finance institutions, including banks and asset managers within the EU. According to BitGo Europe managing director Harald Patt, “This license underscores our commitment to the highest standards of security, transparency, and trust.” This milestone is a significant step for BitGo, as it expands its presence in the European market.
BitGo’s History and Expansion
Founded in 2013 in Palo Alto, California, BitGo is a major platform in the cryptocurrency industry specializing in crypto custodial services, holding cryptocurrencies like Bitcoin (BTC) on behalf of its clients. BitGo set up its EU headquarters in Frankfurt in 2023, marking the beginning of its expansion into the European market. Since then, the company has received multiple registrations in several EU states, including Italy, Spain, Poland, and Greece.
Services Under the MiCA License
While BitGo did not specify the exact services it intends to roll out immediately under the new MiCA license, the company announced that it will offer a broad range of institutional-grade digital asset solutions. The MiCA license enables BitGo to operate across the entire EU under a unified, forward-looking regulatory framework.
Regulatory Environment
As of May 12, BaFin’s official records did not yet reflect BitGo’s MiCA license, showing only earlier registrations. Germany has emerged as a major jurisdiction for European businesses seeking MiCA registration, with BaFin issuing licenses to several companies, including Bitpanda and Boerse Stuttgart Digital Custody, in 2025.
Conclusion
In conclusion, BitGo’s securing of the MiCA license is a significant development for the company and the cryptocurrency industry as a whole. With this license, BitGo can now operate across the EU, providing a range of digital asset services to institutional clients. This move is expected to increase the company’s presence in the European market and contribute to the growth of the cryptocurrency industry. As the regulatory environment continues to evolve, it will be interesting to see how BitGo and other companies navigate the landscape and innovate in the space.
