Crypto Exchange Bitpanda Acquires License in Norway
Bitpanda is a cryptocurrency trading platform that is a registered entity in regions such as Austria, France, Germany, Sweden, and Czechia. On this account, the trading platform has become one of the biggest cryptocurrency exchanges in the European sector.
The firm has recently accounted that it has managed to acquire a trading license in another European country Norway. The Vienna-based entity is now one of the first foreign companies to acquire a virtual asset services provider license. The announcement from the firm was posted on X recently.
Bitpanda’s Expansion in European Countries
Bitpanda has a trading license in various European jurisdictions as mentioned above. The Deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad said that the registration of the firm is deemed an important step in the European expansion of the firm.
He claimed that cryptocurrency investors from European nations need a trustworthy trading platform. Bitpanda aims to address the problem for European crypto investors.
During the last year, the firm has continued to gain more licenses in various European jurisdictions such as Germany, Sweden, and Norway. The exchange has 4 million active users and also caters to the leading financial institutions and neo-banks hailing from the region.
Crypto Regulations in Norway
Norway is not added to the European Union at present. On this account, the financial investors and legislators believe that the country can take a different route when it comes to cryptocurrency related regulations. The Central Bank of Norway addressed the topic of crypto regulations in its annual report.
The report retained that Markets in Crypto Asset (MiCA) laws might not be suitable for all cryptocurrency regulatory requirements. On the other hand, various cryptocurrency trading platforms have continued to struggle with the implementation of new regulations issued by European legislators.
On this account, Gemini Exchange departed from Netherlands in September citing issues with the regulators. However, the troubles of European cryptocurrency exchanges do not end with EU sector.
UK which is now a non-EU nation has also introduced new regulations for the investors who are present in the European Union sector. In accordance with the new regulations, the Financial Conduct Authority issued a list of 143 comprising non-registered virtual currency services providers.
Coinbase exchange has based its European operations in Ireland. The firm has claimed that MiCA laws are a welcome change that grants greater legislative clarity for cryptocurrency trading platforms. It is important to note that MiCA laws are set to go into effect in December 2024.
Coinbase has forayed into European markets with the intention of gaining a substantial market share in the leading economic sector. Coinbase noted in its latest blog post that the EU has 27 nations with a collective population of 450 million citizens.
In accordance with MiCA cryptocurrency companies are to acquire licenses from relevant regulators in the jurisdiction and stablecoin issuers are mandated to maintain backed funds.
Coinbase has e-money and VASP license in Ireland. At the same time, the firm is a regulated entity in European countries such as the Netherlands, Spain, Italy, and Germany. The officials of the firm have retained that MiCA regulations bring more regulatory clarity for the virtual currency firms at large.
