Austrian-Based Crypto Exchange Bitpanda Rolls Out in Spain After Gaining License

Austrian-Based Crypto Exchange Bitpanda Rolls Out in Spain After Gaining License

Bitpanda is deeply committed to regulatory compliance and seeks to build a safe community for all of its users.

On June 21, Bitpanda, an Austrian-based crypto exchange, officially stated that it would be moving to Spain after successfully registering as a virtual currency exchange and digital asset custody service provider.

As stated on Bitpanda’s official website, the firm first joined the Bank of Spain’s registry for crypto organizations almost a week ago, on June 16, while the bank opened the registry last year in October.

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According to the official announcement, Eric Demuth, co-founder of Bitpanda, has ensured that he will do everything in his power to pave the way for a safer trading environment amid the crypto bear market.

Demuth added that the current situation in the crypto world has displayed that players within the ecosystem should be cautious of the places they are buying digital assets from. For that reason, Bitpanda will always seek to prioritize "the safety of our community, as we are working relentlessly to build the best and the safest investment platform in Europe and beyond.”

On top of that, Bitpanda has also stated that it successfully managed to score registration as a virtual service provider in a number of countries in the past two years. Apart from Sweden and Italy, the list also includes the French securities regulator Autorité des Marchés Financiers (AMF), the Austrian Financial Market Authority (FMA), and the Czech Trade Authority. In addition, Bitpanda has PSD2 and the MiFID II licenses in its possession. 

One of the exchange's representatives added that the company seeks "to expand our presence in further European markets, but will only do so when we can ensure we are fully compliant with local regulatory requirements.” The spokesperson concluded:

"We will keep working closely with national regulatory bodies to make sure that we provide a fully compliant, cutting-edge service to our community."

Bitpanda, founded in 2014 in Vienna, is a unicorn cryptocurrency startup that provides customers access to a number of digital assets. The company is led by three high-rank entrepreneurs, including the previously mentioned Eric Demuth, Paul Klanschek, and Christan Trummer.

The European Union (EU) is also seeking to provide crypto firms that have been licensed in one EU country the possibility to fully function in others as well. The initiative would be backed up by its forthcoming Markets in Crypto Assets (MiCA) framework.

In other news, back in February, the fintech company Bitpanda grabbed custodian wallet provider Trustology and announced the launch of its joint platform for digital asset safekeeping and crypto custodian services.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree