Vienna-based Bitpanda, a major player in the European crypto exchange scene, has achieved a significant milestone in its expansion strategy. The company proudly announced on its official X account on Oct. 19 that it has been granted a virtual asset service provider license in Norway.
This development positions Bitpanda as one of the pioneering foreign entities to receive such authorization in the country.
Bitpanda’s Growing License Portfolio
Bitpanda has been proactive in obtaining licenses across various European jurisdictions. This has further solidified its presence in Austria, Germany, France, Czechia, and Sweden. Lukas Enzersdorfer-Konrad, the Deputy CEO of Bitpanda, emphasizes that this latest registration is a crucial step in the company’s larger European expansion plan.
Furthermore, he asserts that amid the growing need for a trustworthy investment platform in Europe, Bitpanda is committed to being that reliable choice. With over 4 million users, the company has become a key enabler for leading financial institutions and neobanks to delve into the world of digital assets.
Navigating Regulatory Landscape: Norway’s Unique Stance
In May 2023, Norway, a country standing outside the European Union, signaled its intention to take a distinct approach to crypto asset regulation. The central bank’s annual report highlighted that the upcoming pan-EU Markets in Crypto-Assets (MiCA) regulation might not address all of Norway’s crypto regulatory needs.
Bitpanda’s successful licensing in Norway underscores its adaptability and compliance with diverse regulatory environments.
Challenges for Other Exchanges in Europe
While Bitpanda celebrates its expansion, other major crypto exchanges face challenges in dealing with European regulators. Gemini, headquartered in New York, made the decision to exit the Netherlands in September, citing difficulties in meeting regulatory requirements.
The issues extend beyond the European Union. Also, the United Kingdom’s Financial Conduct Authority recently added 143 new entities to its warning list of non-registered asset providers.
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