BitGo Gets Clearance For Italian Operations: What You Should Know

BitGo, a cryptocurrency custody provider, has undertaken its registration to carry out operations in Italy.

What Happened: As revealed by Organismo Agenti e Mediatori (OAM), BitGo’s German wing filed for its registration to carry out digital wallet services on Friday, July 15.

The past year has seen an increased entry of cryptocurrency firms and platforms into Europe. Numerous firms such as Kraken, Crypto.com CRO/USD, Binance BNB/USD, and Bitpanda have registered to undertake their services in European regions in recent months.

The European Union also recently announced that it looks to develop a regulatory framework to oversee cryptocurrency exchanges in coming years.

Why It Matters: This news comes following a recent crash in cryptocurrency markets, with Bitcoin BTC/USD currently trading at $24,153, down from its all-time high of over $69,000. As uncertainty looms, countries globally adopting and regulating cryptocurrency facilitate and support the sector to some extent.