U.S.-based crypto custody firm BitGo has received regulatory approval from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to operate across all 27 EU member states under the newly enacted Markets in Crypto-Assets (MiCA) framework.
This makes BitGo one of the first American digital asset companies authorized to provide custody services under the EU’s unified regulatory regime. The license allows BitGo to offer institutional-grade digital asset custody services to banks, funds, and crypto-native firms across the European bloc—without needing separate authorizations in each country.
The milestone approval comes as MiCA begins its phased implementation, aiming to simplify compliance and provide legal clarity for companies navigating the region’s rapidly expanding crypto ecosystem.
BitGo Expands EU Presence with BaFin Greenlight
BitGo’s approval under MiCA represents a significant step in the firm’s European expansion. Since launching its EU headquarters in Frankfurt in 2023, BitGo has established operations in Italy, Spain, Poland, and Greece. The BaFin license now gives the company full passporting rights to offer regulated custody services throughout the EU.
Harald Patt, Managing Director of BitGo Europe, said the license validates the company’s long-standing focus on regulatory rigor:
“This approval reflects our commitment to the highest standards of security, transparency, and trust.”
BitGo joins a growing cohort of companies—including Circle and Crypto.com—actively working toward MiCA compliance as they position themselves to serve Europe’s evolving institutional crypto market.
MiCA: Europe’s Landmark Crypto Regulation Gains Momentum
The Markets in Crypto-Assets (MiCA) regulation is the European Union’s first comprehensive legal framework for the digital asset sector. Officially adopted in April 2023, MiCA seeks to harmonize rules across all member states, covering a range of activities from crypto trading and custodial services to stablecoin issuance.
MiCA mandates rigorous compliance requirements for firms, including licensing, transparency protocols, capital reserves, and consumer protections. Stablecoin issuers face even stricter obligations, such as full reserve backing and operational oversight.
MiCA also introduces rules aimed at curbing insider trading and price manipulation—measures seen as crucial for building trust in the European crypto market.
BitGo’s approval under MiCA contrasts with its more complex regulatory path in the U.S., where it faced delays in becoming a qualified custodian amid heightened scrutiny from the SEC. While it eventually cleared those hurdles and reached a $1.75 billion valuation by 2023, the experience underscored the regulatory uncertainties facing crypto firms in the American market.
BitGo has remained actively engaged in shaping digital asset policy on both sides of the Atlantic. In March 2025, the firm participated in a U.S. Treasury-hosted panel titled “Safeguarding America’s Bitcoin,” and in April, it took part in the SEC’s crypto custody roundtable.
Quick Facts
- BitGo has secured a MiCA-compliant license via Germany’s BaFin, allowing it to offer crypto custody services across the entire EU.
- The company has EU operations in Germany, Italy, Spain, Poland, and Greece.
- MiCA is the EU’s first unified regulatory framework for crypto, imposing rules on custody, stablecoins, and trading platforms.
- BitGo’s journey under MiCA contrasts with its more challenging regulatory experience in the U.S.
- The firm remains involved in both EU and U.S. policy discussions, signaling its role in shaping institutional crypto standards globally.
