BitGo Becomes Latest Crypto Custodian to Secure MiCA License

This regulatory approval makes it possible for the Goldman Sachs-backed crypto custody firm to provide digital asset services across the entire EU under the new Markets in Crypto-Assets Regulation (MiCA). BitGo established its EU headquarters in Frankfurt in 2023, and can now serve both crypto-native firms and traditional financial institutions in a unified framework.

Meanwhile, Gemini also recently expanded its European presence by receiving a MiFID II license from Malta’s MFSA, allowing it to launch regulated crypto derivatives across the EU and EEA. While Gemini hasn’t yet secured a MiCA license, it’s building a strong compliance hub in Malta. Meanwhile, the UK is charting its own path with a tougher regulatory framework that was introduced under the Financial Services and Markets Act 2000 (Cryptoassets) Order 2025, reclassifying stablecoins as securities and imposing strict oversight on crypto services. 

BitGo Wins Key EU License

BitGo, the well known cryptocurrency custody firm backed by Goldman Sachs, announced that it received regulatory approval to operate across the European Union under the EU’s new Markets in Crypto-Assets Regulation (MiCA). The license was granted by Germany’s Federal Financial Supervisory Authority, BaFin, and is a major milestone in BitGo’s European expansion strategy. 

With the MiCA license now secured, BitGo can provide digital asset services to a wide range of clients. This includes both crypto-native firms and traditional financial institutions like banks and asset managers. It can do so throughout the entire EU under a unified regulatory framework.

(Source: Cerrix)

BitGo was founded in 2013 in Palo Alto, California, and has long been a key player in the crypto space, particularly for its custodial services for assets like Bitcoin. The company took a major step toward solidifying its European presence in 2023 by establishing its EU headquarters in Frankfurt, Germany. Since then, BitGo Europe secured multiple local registrations in various EU countries, including Italy, Spain, Poland, and Greece. The recent approval under MiCA allows BitGo to consolidate these efforts and expand its services seamlessly across the region.

While the company has not shared any more details about the specific services it plans to introduce immediately under the MiCA license, it pointed out that the approval happened as BitGo continues to broaden its institutional-grade digital asset offerings. The license now positions BitGo to compete a lot more effectively in the maturing regulatory landscape and cater to the growing demand for compliant crypto custody solutions among European institutions.

BitGo’s announcement is part of the broader trend of increased regulatory clarity in Europe. Germany, in particular, became a favored destination for crypto firms seeking MiCA registration. In fact, BaFin recently approved other major players like Bitpanda and Boerse Stuttgart Digital Custody.

Gemini Expands into European Derivatives Market

Gemini, the crypto exchange that was founded by Cameron and Tyler Winklevoss, also recently took a big step toward expanding its presence in Europe by securing a Markets in Financial Instruments Directive II (MiFID II) license from the Malta Financial Services Authority (MFSA). Announced on May 9, the license allows Gemini to offer regulated crypto derivatives, including perpetual futures, to advanced traders across the European Union and the European Economic Area (EEA). 

(Source: Gemini)

Mark Jennings, Gemini’s head of Europe, stated that this regulatory milestone moves the firm a lot closer to launching derivatives products for both retail and institutional users in the region. The license was issued to Gemini’s Maltese subsidiary, Gemini Intergalactic EU Artemis, on May 8.

While Gemini has not yet received a full Markets in Crypto-Assets license, the firm announced in January that it will use Malta as its compliance hub for the EU’s MiCA framework. The exchange already secured six virtual asset service provider (VASP) registrations in Europe, including one from the MFSA in December of 2024. This growing regulatory footprint positions Gemini perfectly as a serious contender in the European crypto market, especially as interest in derivatives trading continues to surge.

The timing of Gemini’s expansion aligns with other trends in the industry. Major players like Coinbase and Kraken have also been ramping up their involvement in derivatives. On May 8, Coinbase revealed a $2.9 billion acquisition of Deribit, one of the world’s top crypto derivatives platforms. 

Just days earlier, Kraken confirmed its plan to acquire NinjaTrader for $1.5 billion, to offer its own futures products. With the MiFID II license now in hand, Gemini is more than ready to join the growing competition in Europe’s regulated derivatives space.

UK Drafts Tough Crypto Laws

Meanwhile, the United Kingdom announced sweeping new draft regulations that are specifically aimed at establishing the country as a global leader in digital asset oversight. The proposal was unveiled by Chancellor of the Exchequer Rachel Reeves on April 29, and it introduces a comprehensive regulatory regime that brings crypto trading, custody, staking, and related services under the same rigorous standards that are applied to traditional financial firms. 

The move is a very obvious divergence from the EU’s more moderate MiCA framework, which makes the UK’s intent to impose robust requirements around transparency, consumer protection, capital reserves, governance, and market conduct very clear.

According to the UK Treasury, the new regulations are being introduced through the Financial Services and Markets Act 2000 (Cryptoassets) Order 2025. It outlines six new regulated activities. These activities are meant to provide clarity for crypto exchanges and service providers, many of whom have previously struggled with regulatory uncertainty in the UK. 

Companies like Bitget, which operates a global crypto exchange, see the move as a net positive. Bitget COO Vugar Usi Zade welcomed the framework, and explained that the clarity will help exchanges understand exactly which services require authorization from the Financial Conduct Authority (FCA), like trading, custody, staking, or lending. The rules also impose a two-year transition period, which allows companies time to adjust their internal systems for compliance, including reporting and capital standards. 

Interestingly, the draft reclassifies stablecoins as securities rather than e-money. This subjects them to new disclosure and redemption obligations. While this change may dampen the use of fiat-backed tokens in payments, it provides a more predictable regulatory path, according to Dante Disparte, chief strategy officer at Circle, the issuer of USDC.

Additionally, foreign crypto platforms offering services to UK retail clients will now require FCA approval, which helps close a previously exploited loophole. The new scope also covers crypto staking, with registration required for liquid and delegated staking services, while solo and non-custodial stakers remain exempt. 

Although some DeFi provisions require further clarity, the overarching goal appears to be structured, enforceable compliance rather than sweeping limitations. The FCA plans to finalize and implement the new framework by 2026 to lay the groundwork for a regulated digital asset market that prioritizes innovation and consumer safety.