Crypto Custodian BitGo Cleared to Operate in Italy

The firm's German unit registered in the country.

AccessTimeIconJul 19, 2022 at 9:03 p.m. UTC
Updated Jul 19, 2022 at 9:51 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

Digital assets custody provider BitGo has registered to operate in Italy, alongside several other crypto companies.

According to documents from Italian financial regulator Organismo Agenti e Mediatori (OAM), the company’s German branch, BitGo Deutschland GmbH, registered to provide "digital wallet services" in the country on July 15.

BitGo’s entrance into the European nation follows a pattern of companies taking operations to Italy. On Tuesday, Crypto.com said it obtained regulatory approval. Crypto exchanges Binance, Kraken and Bitpanda and brokerage Trade Republic have also registered recently.

The crypto regulatory landscape in Europe is uncertain. The awaited Markets in Crypto-Assets law (MiCA) which would provide a regulatory framework for cryptocurrencies in the European Union, may not go into effect until 2024.

BitGo declined to comment on its status in Italy. In an emailed statement, a spokesperson said the company is licensed in South Dakota, New York, Switzerland and Germany, with a couple other jurisdictions pending.

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Cam Thompson is a news reporter at CoinDesk.

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Cam Thompson is a news reporter at CoinDesk.