12 February 2020 by Clementine
Feeding international ambitions, in the service of storage of crypto-currencies BitGo announced the creation of two new subsidiaries in Germany and Switzerland, which will be regulated by the european authorities.
BitGo is introduced in Europe
BitGo is now available to its clients the new courts for the custody of crypto-assets. In effect, the u.s. company expands its global reach by creating two subsidiaries in Switzerland and Germany. These two entities will be fully regulated by the financial authorities in the German and swiss.
BitGo GmbH, the swiss subsidiary of BitGo, will be supervised by the supervisory Authority of the financial markets, or FINMA. With regard to the German subsidiary of BitGo, BitGo Deutschland GmbH, it plans to seek regulatory authorizations necessary to operate legally in Germany in November.
Now, customers can choose between three different jurisdictions (German, swiss, and american) in order to keep their crypto-assets.
“With these two new companies in Switzerland and Germany, BitGo will provide assistance and a complete service to help customers in their language and time zone in various ways, including identifying the jurisdiction that best fits the needs of the customer,” said Mike Belshe, the CEO of BitGo, by email.
Two countries that are very worn on the crypto-currencies
The choice of establishing itself in Switzerland and in Germany is not due to chance, argues Mike Belshe. These countries have developed the jurisdictions most favourable to the development of crypto-currencies.
“Switzerland and Germany are both become centres of the european important for digital assets as well as to the regulatory frameworks in the avant-garde “, emphasizes Mike Belshe.
The United States are still gaps on how to regulate the crypto-industry and prefer to adopt a position hostile to the development of this new asset class. At the same time, Germany would consider a bill that will allow the country’s banks to engage in the trade of crypto-currencies.
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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.