Bitpanda Obtains Crypto License in Germany

Bitpanda Joins German Market Amid Growing Pressure from Regulators
Austrian company Bitpanda, a cryptocurrency exchange, has registered as a crypto custody service and proprietary trading provider in Germany. It is now possible for the platform to independently provide its goods to German traders through Bitpanda Asset Management GmbH, a subsidiary.
The news announcement stated that Bitpanda had been requesting German authorization for some months. The crypto firm now has licences in the Czech Republic, Sweden, the UK, Spain, Italy, and France after completing the licencing process.
Eric Bemuth, CEO and co-founder of Bitpanda, stated in a statement that several licences in various jurisdictions will better separate consumers’ funds from the exchange’s assets, giving them greater protection.
The first Austrian unicorn in finance is Bitpanda. The business raised $170 million in March 2021, increasing its valuation to $1.2 billion. The venture capital firm Valar Ventures, which was created by Andrew McCormack, Peter Thiel, and James Fitzgerald, led the Series B fundraising round. On the Old Continent, it was one of the biggest capital raises.
According to a press release from the company that CoinDesk cited, “Bitpanda will be able to maintain an order book and directly market services for crypto assets, enabling them to provide a secure and regulated environment for German customers to invest in a variety of cryptocurrencies.”
In the wake of the collapse of the FTX cryptocurrency exchange, officials worldwide are scrutinising the digital asset space more closely. Many analysts predict that this will lead to significant and onerous regulation of the whole sector.
Germany is a significant member of the European Union, which is moving closer to regulating the specialty. A framework for overseeing cryptocurrency issuers and service providers who want to operate in any of the 27 member states has been finalised by the body.
On the other hand, the European restrictions are not expected to take effect until 2024. As a result, individual countries are providing their own regulatory licences, like France or Germany. However, when the European Markets in Crypto Assets (MiCA) take effect, the French are willing to do away with their current cryptocurrency regulatory framework.

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