Bitpanda’s European Reach Extends to Norway
Vienna’s renowned cryptocurrency platform, Bitpanda, is making waves in the financial world as it gains a prestigious virtual asset service provider license in Norway. This news broke on Bitpanda’s official X (previously known as Twitter) page on October 19.
A Flourishing Foothold Across Europe
Bitpanda’s regulatory acceptance isn’t confined to Norway. The crypto giant is certified in several European territories including Austria, Germany, France, Czechia, and Sweden. Lukas Enzersdorfer-Konrad, the Deputy CEO of Bitpanda, commented on this expansion:
“Our vision has always been clear – Europe deserves a reliable investment platform. Bitpanda aims to fill that void. In the past year, we’ve exclusively secured licenses in Germany, Sweden, and now Norway. With a user base exceeding 4 million, we’re proudly empowering leading European financial institutions and neobanks to venture into the realm of digital assets.”
Norway’s Distinct Stance on Cryptocurrency Regulation
It’s worth noting that Norway, despite being geographically situated in Europe, doesn’t conform to the European Union’s decisions. In May 2023, this Nordic country hinted at its intent to develop its own cryptocurrency regulation framework. Norway’s central bank emphasized in its yearly report that the forthcoming pan-EU Markets in Crypto-Assets (MiCA) rule “might not fully satisfy all crypto regulatory demands.”
Challenges Abound for Crypto Exchanges in Europe
While Bitpanda’s expansion signifies a victory for the platform, not all cryptocurrency exchanges share this success in the European landscape. In a notable move, New York’s Gemini exchange withdrew from the Netherlands in September, attributing its exit to the challenges of fulfilling regulatory standards. Beyond the European Union, hurdles persist. The UK’s Financial Conduct Authority has recently flagged 143 entities, cautioning about their non-registered status.
