Bitpanda GmbH, one of the leading Fintech companies in Austria with headquarters in Vienna has gotten a crypto license to operate in Germany.
Bitpanda announced the news via Twitter and according to the firm, it will be the first retail investment firm in Europe to receive the Crypto Custody and Proprietary Trading license from the German Federal Financial Supervisory Authority (BaFin) after complying with the stringent regulatory criteria.
Hello https://t.co/kYcfIwqS17!
After 8 years as a pioneer in the crypto industry and constantly striving to further regulation in our sector, we have become the first European retail investment platform to receive the largest crypto licence from the German BaFin. pic.twitter.com/smvqDtb2KA— Bitpanda (@bitpanda) November 22, 2022
The crypto trading license is the broadest license of its kind in Germany and will let Bitpanda independently provide crypto custody as well as exclusive trading for German citizens. Bitpanda will also be permitted to maintain a safe and secure environment so that German consumers can directly invest in a range of cryptocurrencies.
This is not the first crypto license Bitpanda is receiving from the European Union. The firm has gotten regulatory approvals to operate in other EU countries including Italy, France, Austria, Sweden, and the U.K.
The CEO and Co-founder of Bitpanda, Eric Demuth stated that Bitpanda aims to provide its German customers with a safe and secure way to invest, therefore the crypto license will reinforce the firm’s position as a leader in regulation in Europe and underlines once more how well positioned they are in the blockchain industry.
Blockchain Still landing Regulatory Approvals After FTX’s Fall
Since the fall of the defunct FTX has challenged the long-term viability of the crypto ecosystem, regulatory agencies’ certifications of crypto businesses have become essential for exchange platforms to operate.
Binance exchange platform for instance made an announcement this month that it has received Financial Services Permission (FSP) to operate in Abu Dhabi.
As revealed, the regulatory license was acquired as part of its attempts to strengthen its regional presence in the Middle East. The license will make it easier for Binance to provide protection to executive customers, so long as it follows the Financial Services Regulatory Authority (FSRA) set regulations.
A Group of 20 (G20) leaders from industrialized countries have also highlighted that there is a need to provide international rules that govern the crypto space as the blockchain industry continues to get worldwide acceptance.
A document released at the G20 Bali Leaders Declaration held in Indonesia revealed that the G20 encouraged the Financial Stability Board to investigate any potential threats to financial stability in the crypto ecosystem posed by the usage of crypto assets in October 2022.
