BitGo Approved as Custodian in Switzerland
BitGo has expanded its operations within Europe’s crypto market by receiving approval as a custodian under the SIX Exchange Regulation Crypto-Asset Rule. This approval means BitGo can now offer regulated custodial services in Switzerland, complying with Swiss financial regulations.
BitGo is well known for its secure digital asset storage solutions and the SIX Exchange approval further strengthens its reputation. BitGo Europe’s custodial services will be backed by a $250 million insurance policy.
A Step Toward Greater Security in Crypto
This development is a significant milestone for BitGo as it continues to expand its reach and provide secure custody solutions globally.
- The new rule from SIX Swiss Exchange aims to regulate issuers of ETPs and derivatives with underlying crypto-assets.
- The rule requires crypto-asset collateral to be held by a prudentially supervised custodian.
- The rules were introduced in partnership with the Swiss Financial Market Authority (FINMA).
These new rules aim to enhance the security and transparency of the crypto market in Switzerland and the broader European landscape.
Expansion into New Markets
BitGo has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This license allows BitGo to provide regulated crypto payment services in Singapore, including custody and trading solutions.
BitGo continues to expand its operations globally, with a focus on providing secure and regulated services in key markets. This expansion ensures BitGo’s leadership position in the crypto industry and further strengthens its commitment to fostering a secure and trustworthy crypto ecosystem.
