BitGo Secures EU-Wide Crypto Service License, Expanding European Footprint

BitGo, a prominent provider of digital asset infrastructure, has obtained a Markets in Crypto-Assets Regulation (MiCA) license from the German Federal Financial Supervisory Authority (BaFin). This crucial approval will enable BitGo to broaden its regulated cryptocurrency service offerings across the 27 member states of the European Union, marking a significant step in the company’s European expansion strategy.

The license was granted to BitGo Europe GmbH, the firm’s European division established in 2023 and based in Frankfurt. BitGo Europe has already secured registrations in several EU countries, including Italy, Spain, Poland, and Greece, positioning it favorably to serve a wide range of clients within the region.

Harald Patt, Managing Director of BitGo Europe GmbH, emphasized the company’s commitment to regulatory compliance, stating, “As a leading player in digital asset infrastructure, meeting the most stringent regulatory standards is our priority. This BaFin MiCA license strengthens our presence in the EU, allowing us to drive innovation and trust in the crypto space and support Europe’s increasing adoption of digital assets.”

The MiCA framework, which has been applied throughout the EU since December 2024, establishes a unified legal structure for crypto assets, encompassing stablecoins, exchanges, and custodial services. Its aim is to foster innovation within the digital asset realm while simultaneously enhancing consumer protection, transparency, and market integrity.

BitGo’s MiCA approval distinguishes it as one of the first U.S.-based crypto custody providers to achieve such recognition within the EU. This milestone empowers the company to extend its institutional-grade services to both businesses originating in the crypto space and traditional financial institutions, such as banks and asset managers, seeking secure and compliant digital asset solutions.

The clear and harmonized regulatory approach of MiCA has positioned the EU as a significant hub for crypto innovation, attracting more institutions to the region. Since its implementation, the EU has experienced a surge in regulatory approvals and advancements in areas like staking and stablecoins.

BitGo is well-positioned to capitalize on this trend. The company offers a comprehensive suite of services, including custody, trading, financing, establishment, wallet staking, and other services facilitated through regulated cold storage. With over a decade of operational experience, BitGo processes a substantial portion of Bitcoin network transactions and is recognized as the world’s largest independent digital asset custodian.

BitGo’s strategic expansion in Europe commenced with the founding of BitGo Europe GmbH in 2023, followed by a focused effort on regulatory compliance and market growth. The BaFin license will leverage the company’s existing registrations across various EU jurisdictions, enabling it to operate under a unified set of rules throughout the bloc.

This approval aligns with BitGo’s broader ambitions to address the increasing demand for secure and compliant crypto infrastructure in Europe. The company intends to serve a diverse clientele, ranging from crypto-native platforms to traditional financial entities interested in entering the digital asset space.

The EU license also contrasts with BitGo’s regulatory journey in the U.S., where it encountered challenges with the Securities and Exchange Commission in 2020 before ultimately receiving approval in New York and achieving a $1.75 billion valuation in 2023. The EU’s MiCA framework, providing a less complex regulatory environment, has proven beneficial for BitGo’s business growth.