Top EU crypto trading platform Bitpanda has now received the operational license in Germany amid MiCA compliance.
On January 23, Austrian company Bitpanda obtained a license from Germany’s Federal Financial Supervisory Authority (BaFin). It obtained the license under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This is the latest exchange to obtain the license amidst the growing crypto adoption across Europe.
Bitpanda To Expand EU Presence
With this license, the company strongly affirms its European dominance regarding adherence to regulated and secured services.
Bitpanda became the second crypto asset service provider (CASP) to obtain a MiCA license from BaFin. On December 30, 2024, the regulation entered its full compliance phase, and Boerse Stuttgart Digital Custody was the first CASP to get BaFin’s MiCA license.
Outlining the benefit of this update, Bitpanda co-founder Eric Demuth says it will assure investors of the safety of their investments. It will also create an enabling environment for investors to engage with finances confidently.
The exchange envisages extended services to over 450 million European Union (EU) citizens. According to Demuth, operations will cut across 27 EU member states, as enforcement will determine the level of effectiveness MiCA has.
Notably, the license has immediate validity, unlike other “in-principle licenses” obtained by Bitpanda’s competitors. Similar to Bitpanda is Dutch fintech company Quantoz, which also bagged the license to launch EURQ and USDQ stablecoins.
The Counsel for EU Crypto Space
According to Demuth, Europe can emulate the US’s emerging regulatory frameworks on digital and crypto assets.
He noted that financial institutions are poised to accept this transformation, as it is now compulsory and not optional. For him, through Bitpanda’s Technology Solutions (BTS), crypto services will be accessible to the masses.
Speaking of the US, legislators in the region have signed the SAB122 policy, which permits banks to hold crypto assets.
With states like New Dakota, Pennsylvania, Texas, New Hampshire, and others considering stocking crypto in their treasury, Europe can emulate this with the MiCA regulation.
Demuth also noted that the US recognizes companies with American clients as subject to regulatory and enforcement measures, which Europe can emulate. Experts believe MiCA can impact Europe’s crypto adoption if stakeholders take compliance seriously.
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