The Vienna-based crypto exchange, Bitpanda has secured a virtual asset service provider (VASP) license in Norway as it continues its expansion in Europe. With the addition of Norway to its list of regulated markets, Bitpanda has strengthened its presence in the region. Presently, the company holds licenses in Austria, Germany, Czechia, France, and Sweden.
In a statement posted on X (formerly known as Twitter), the company said: "We're very excited to announce that we've become the first non-local firm to be granted a VASP license in Norway. This latest license further solidifies our position as Europe's most regulated broker and will allow us to bring safe and secure digital assets trading to millions of new customers."
BitPanda Navigates Crypto Regulations in Norway
Notably, this licensing achievement in Norway is significant because the country stands outside the European Union. In May, the central bank of Norway indicated that it might not rely on the pan-EU Markets in Crypto-Assets (MiCA) regulation, saying it was inadequate for its specific regulatory needs, Cointelegraph reported.
Hei På Deg Norway!We’re very excited to announce that we’ve become the first non-local firm to be granted a VASP licence in Norway. This latest licence further solidifies our position as Europe’s most regulated broker and will allow us to bring safe and secure digital assets… pic.twitter.com/jIVAMd1QxB
— Bitpanda (@Bitpanda_global) October 19, 2023
BitPanda has been consistent in its efforts to obtain regulatory licenses in Europe. In Germany, the company registered as a crypto custody service and proprietary trading provider last year. Its local branch, Bitpanda Asset Management GmbH, enables the crypto exchange to offer services to German traders and investors, further diversifying its services.
Additionally, Bitpanda expanded its reach and regulatory standing by obtaining a crypto license in Spain last year. Its entry into the Spanish market occurred when several cryptocurrency exchanges were making concerted efforts to secure regulatory licenses in Europe. The move into the Spanish crypto market was announced by the Bank of Spain.
Expanding Crypto Services in Europe
Bitpanda's global influence extends beyond Europe. Last year, the company entered the United Kingdom by acquiring Trustology, a regulated institutional cryptocurrency custodian wallet provider. Thisacquisition involved rebranding Trustology to Bitpanda Custody. It enabled the company to strengthen its plans to expand crypto brokerage services into new areas.
However, this move attracted regulatory attention, as the Financial Conduct Authority (FCA) issued a warning, expressing its vigilance over the acquisition. The FCA noted that since Trustology was registered under Money Laundering Regulations, the regulator cannot assess compliance with the platform's services under the new ownership, Finance Magnates reported.
This article was written by Jared Kirui at www.financemagnates.com.
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