Bitpanda Receives Virtual Asset Service Provider License in Norway
Vienna-based crypto exchange Bitpanda has become one of the first foreign entities to be granted a virtual asset service provider license in Norway. The announcement was made on Bitpanda’s official Twitter account on October 19th.
Expansion in Europe
Bitpanda already holds licenses in several European jurisdictions, including Austria, Germany, France, Czechia, and Sweden. According to Lukas Enzersdorfer-Konrad, the deputy CEO of Bitpanda, this registration is another step in the company’s expansion in Europe. He emphasized the importance of having a trusted investment platform in Europe and highlighted that Bitpanda has been the only European provider to receive licenses in Germany, Sweden, and Norway within the past year. Bitpanda currently serves over 4 million users and enables leading financial institutions and neobanks in Europe to offer digital assets.
Norway’s Independent Crypto Regulation
In May 2023, Norway expressed its intention to establish its own regulations for crypto assets, despite not being part of the European Union. The country’s central bank stated that it believes the forthcoming pan-EU Markets in Crypto-Assets (MiCA) regulation may not adequately address all of its crypto regulatory needs.
Challenges Faced by Other Exchanges
While Bitpanda expands its presence in Europe, other major crypto exchanges continue to face challenges with regulators. Gemini, headquartered in New York, recently decided to withdraw from the Netherlands due to its inability to meet regulatory requirements. Additionally, the Financial Conduct Authority of the United Kingdom has added 143 new entities to its warning list of non-registered asset providers.
Hot Take: Bitpanda Paves the Way for European Expansion
Bitpanda’s acquisition of a virtual asset service provider license in Norway solidifies its position as a trusted investment platform in Europe. This move not only demonstrates Bitpanda’s commitment to expansion but also highlights the importance of establishing regulatory compliance in different jurisdictions. With its growing user base and partnerships with financial institutions, Bitpanda is well-positioned to continue leading the way in Europe’s digital asset market.
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