Germany is increasingly establishing itself as a pivotal player in the realm of digital asset custody and regulation. As reported by PayRate42, BitGo, a digital assets service provider, revealed that its German subsidiary, BitGo Europe GmbH, has been granted a digital assets custody license by the German Federal Financial Supervisory Authority (BaFin). Notably, since 2019, BitGo has been safeguarding crypto assets for its clientele, with the oversight of BaFin, under an interim arrangement.
BitGo‘s Frankfurt-based team has seen consistent growth and now, in compliance with BaFin’s stipulations, is steered by two managing directors. While Sven Möhle oversees the market domain, Dejan Maljevic is at the helm of back-office operations.
To ensure the utmost security of the assets under their care, the majority of client keys at BitGo Europe GmbH are preserved in cold storage within Germany. These are further fortified by an array of security protocols, including some proprietary technologies that have become benchmarks in the industry. Given this stringent security apparatus, BitGo vouches for the assets in cold custody and has them appropriately insured. Owing to their reputation, prominent neobrokers entrust BitGo with their customers’ digital assets.
Reflecting on this significant achievement, Dejan Maljevic, the Managing Director of BitGo Europe, expressed, “BaFin is globally acknowledged as a trendsetter in crypto regulation. Their approach facilitates the evolution of digital currencies while concurrently instituting a robust regulatory framework. Acquiring this license was a rigorous journey, and we are elated to have attained this landmark.”
Echoing similar sentiments, Mike Belshe, the CEO of BitGo, Inc., remarked, “In the digital asset custody and regulatory landscape, Germany’s significance is on the rise. In collaboration with BaFin, we are enthused to extend our top-tier crypto custodial services to our German and European clientele.”