Bullish Secures BaFin Licenses, Aiming for EU Expansion Under MiCA

Journalist

Hassan Shittu

Journalist

Hassan Shittu

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Author Profile

Share

Copied

Last updated: 

January 8, 2025

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bullish Group revealed on Wednesday that its German subsidiary, Bullish DE Custody GmbH, had secured key regulatory approvals from Germany’s Federal Financial Supervisory Authority (BaFin) to advance its operations in Europe.

Bullish Secures BaFin Licenses to Drive Expansion in Europe

The approvals, granted on December 20, authorize Bullish DE to engage in crypto asset custody, proprietary trading, and principal brokerage.

These licenses enable Bullish DE to expand its presence in Germany, capitalizing on the country’s increasing adoption of digital assets.

The new licenses were strategically obtained to align with the Markets in Crypto-Assets Regulation (MiCA), which took effect in December 2024.

MiCA provides a unified regulatory framework for crypto businesses throughout the European Union, simplifying compliance processes across member states.

Tom Farley, CEO of Bullish Group, said in a press statement, “Receiving BaFin’s approval underscores Bullish’s commitment to operating under the highest regulatory standards.”

Bullish DE plans to focus on services designed for institutional and professional investors, leveraging its new licenses to enhance its offerings within the European market.

In related developments, other companies have also secured BaFin approvals for their operations in Germany.

On October 9, Frankfurt-based Tradias, the digital asset arm of Bankhaus Scheich, received a securities trading bank license.

Previously, Tradias operated under Bankhaus Scheich’s license as an over-the-counter trading platform for cryptocurrencies and security tokens.

Germany’s New Digital Finance Law Boosts Regulatory Framework for Crypto

The BaFin approval for Bullish follows another key regulatory development: on December 18, the German Parliament (Bundestag) passed the Act on the Digitalization of Financial Markets (FinmadiG).

This legislation aligns Germany with the European Commission’s Digital Finance Strategy and addresses critical areas such as crypto-assets, digital resilience, and money transfers.

Rather than directly regulating crypto assets, the law strengthens oversight of companies in the digital finance space, focusing on exchanges and service providers.

It seeks to prevent fraud and market manipulation, promoting transparency and accountability for a safer crypto environment.

The FinmadiG law addresses three major EU regulations. The Markets in Crypto Assets Regulation (MiCA) and the Transfer of Funds Regulation (TFR), both effective December 30, 2024, establish a framework for crypto services across the EU and tighten regulations on fund transfer information to enhance transparency.

The Digital Operational Resilience Act (DORA), which takes effect on January 17, 2025, strengthens cybersecurity requirements for financial institutions, including crypto providers.