BitPanda, one of Europe’s largest cryptocurrency exchanges based in Vienna, has taken an important step. According to the announcement made from the company’s official X account on October 19, the exchange has obtained a cryptocurrency asset service provider license in Norway. With this step, BitPanda becomes one of the first foreign institutions to obtain this license in Norway.
A Significant Step from BitPanda
BitPanda holds cryptocurrency asset service provider licenses in several European countries such as Austria, Germany, France, the Czech Republic, and Sweden. According to BitPanda Deputy CEO Enzersdorfer-Konrad, this registration signifies another step in the company’s vision of expanding its services in Europe:
“It is clear that we need an investment platform we can trust in Europe. BitPanda has set out to be that platform. Within the last 12 months, we have become the only European cryptocurrency asset service provider licensed in Germany, Sweden, and Norway. We currently have more than 4 million users and enable leading financial institutions and neo-banks in Europe to offer cryptocurrency assets.”
With a decision made, Norway, which is outside the European Union, signaled that it could go its own way in terms of cryptocurrency market regulation apart from the European Union. The country’s Central Bank stated in its annual report to the public that the upcoming European Union Markets in Crypto-Assets (MiCA) regulations might not be sufficient for the legal regulation needs in the entire cryptocurrency sector.
Legal Struggles in Europe
Furthermore, some major cryptocurrency exchanges are continuing to struggle with regulators in the European Union. In September, New York-based cryptocurrency exchange Gemini announced its decision to leave the Netherlands, citing its inability to meet regulatory requirements.
These regulatory issues do not seem to end within the jurisdiction of the European Union. The Financial Conduct Authority (FCA) of the United Kingdom recently added 143 new organizations to its warning list of unregistered cryptocurrency exchanges.
With these developments in the European Union, Coinbase, based in the United States, announced on October 19 that Ireland is the company’s European cryptocurrency hub.
