Goldman Sachs-Backed BitGo Secures EU Crypto License

• BitGo can now offer digital asset services across all 27 EU countries under a single regulatory framework.
• The license will likely strengthen BitGo’s appeal to traditional financial institutions like banks.
• While MiCA harmonizes crypto regulation across the EU, its stringent compliance requirements may pose hurdles for smaller crypto firms.

BitGo, a cryptocurrency custodian firm backed by Goldman Sachs, has received regulatory approval to operate crypto services across the European Union.

The move marks a significant step for the firm, granting BitGo permission to provide services to finance institutions across the bloc.

BitGo Granted MiCA License

On May 12, Germany’s Federal Financial Supervisory Authority (BaFin) granted BitGo Europe a Markets in Crypto-Assets Regulation (MiCA) license.

This license allows BitGo to offer digital asset services across all 27 EU member states.

“This approval extends our digital asset services across the EU—supporting both crypto-native companies and traditional financial institutions, including banks and asset managers, seeking a trusted, compliant partner,” BitGo stated in an announcement on X.

BitGo had previously established its EU headquarters in Frankfurt in 2023 and obtained registrations in several EU countries, including Italy, Spain, Poland, and Greece.

The MiCA license now enables the company to provide services such as custody and settlements throughout the EU without the need for additional national approvals.

“This license underscores our commitment to the highest standards of security, transparency, and trust,” said Harald Patt, managing director of BitGo Europe GmbH.

What Is the MiCA License?

The MiCA framework, adopted by the EU in April 2023, aims to standardize cryptocurrency regulations across member states.

It covers key areas such as stablecoins, custodial services, and market integrity.

One significant advantage of the MiCA license is that firms can “passport” their services, meaning they can operate across all EU countries through a single authorization.

This harmonized regulatory environment is intended to improve investor protection while encouraging innovation in the digital asset space.

Crypto companies operating in the EU must comply with MiCA requirements by July 2026.

Institutional Momentum

With regulatory clarity now in place, institutional interest in the EU crypto market is expected to grow.

Financial institutions, including banks and brokerage firms, increasingly turn to licensed providers like BitGo to access secure and compliant digital asset infrastructure.

However, transitioning to a MiCA-compliant landscape could pose challenges for smaller firms.

The regulation introduces stricter requirements related to operational resilience, anti-money laundering, and consumer protections, which may be more difficult for smaller players to meet.