BitPanda Secures Norway's First Foreign Crypto License as Virtual Asset Provider

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BitPanda Secures Norway’s First Foreign Crypto License as Virtual Asset Provider – Crypto News

Published

2 years ago

October 19, 2023

Dripp

Bitpanda, one of Europe’s largest cryptocurrency exchanges, has successfully acquired a virtual asset service provider license in Norway. The achievement makes Bitpanda among the pioneering foreign companies to obtain this license.

Bitpanda officially announced its successful acquisition of crypto license on X (formerly Twitter) on Oct. 19. Additionally, Bitpanda already holds licenses in various European nations, including Austria, Germany, France, Czechia, and Sweden.

Lukas Enzersdorfer-Konrad, the deputy CEO of Bitpanda, expressed that the registration in Norway marks another significant milestone in the company’s expansion throughout Europe.

“It is obvious that we in Europe need an investment platform that we can trust. At Bitpanda, we have set out to be that platform. Over the last 12 months, we have been the only European provider to receive licenses in Germany, Sweden and Norway,” said Lukas.

Norway’s Crypto Stance

Norway, a non-member of the European Union, has expressed its intention to chart its own course regarding crypto regulation. In its May 2023 annual report, the country’s central bank highlighted concerns that the forthcoming pan-EU Markets in Crypto-Assets (MiCA) regulation might not sufficiently address all crypto regulatory needs.

Norway has actively supported crypto innovation and adoption through various ongoing initiatives. For example, DNB ASA, Norway’s largest bank, has joined forces with the IOTA Foundation to explore the potential benefits of distributed ledger technology. Additionally, Norway is home to one of the world’s largest Bitcoin mining farms known as Kryptovault.

Challenges for Other Crypto Exchanges

Bitpanda has successfully obtained licenses in several jurisdictions across the continent. In contrast, other major crypto exchanges have encountered regulatory difficulties. For instance, Gemini, a New York-based exchange founded by the Winklevoss twins, decided to exit the Netherlands in September 2023 due to regulatory hurdles.

The United Kingdom has also been cracking down on unregistered crypto asset providers. Its financial watchdog, the Financial Conduct Authority (FCA), recently added 143 new entities to its warning list of unauthorized firms.

However, Bitpanda stands out as a company committed to compliance with local laws and regulations as it expands its presence and services throughout Europe, with over 300 tradeable cryptocurrencies and 2600 digital assets accessible to its users.