Crypto Custodian BitGo registers to conduct business in Italy

BitGo, a provider of digital asset custody, has registered to conduct business in Italy along with a number of other cryptocurrency businesses.

The company's German subsidiary, BitGo Deutschland GmbH, registered to offer "digital wallet services" in the nation on July 15, according to records from the Italian financial regulator Organismo Agenti e Mediatori (OAM).

BitGo's entry into the European country continues a trend of businesses setting up shop in Italy. said on Tuesday that it had received regulatory approval.

Brokerage Trade Republic and the cryptocurrency exchanges Binance, Kraken, and Bitpanda have also just registered.

Europe's regulatory environment for cryptocurrencies is hazy. It may take until 2024 for the eagerly anticipated Markets in Crypto-Assets law (MiCA), which would establish a legal framework for cryptocurrencies in the European Union, to take effect.

Regarding its standing in Italy, BitGo declined to comment. A spokeswoman for the business said in an email that it currently had licenses in South Dakota, New York, Switzerland, and Germany, with applications for a few more jurisdictions pending.

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