BitPanda, a prominent European cryptocurrency exchange headquartered in Vienna, has achieved a significant milestone by securing a virtual asset service provider license in Norway. This development was announced on the company’s official social media platform, X (formerly Twitter), on October 19.
BitPanda’s expansion in Europe is gaining momentum, as it already holds licenses in several European countries, including Austria, Germany, France, the Czech Republic, and Sweden. Lukas Enzersdorfer-Konrad, the Deputy CEO of Bitpanda, emphasized the importance of trust in the European investment platform, stating, “It is obvious that we in Europe need an investment platform that we can trust.
At Bitpanda, we have set out to be that platform. Over the last 12 months, we have been the only European provider to receive licenses in Germany, Sweden, and Norway. We now have more than 4 million users and enable Europe’s leading financial institutions and neobanks to offer digital assets.”
Norway, while not a part of the European Union, has signaled its intention to forge its own path in the regulation of crypto assets. In its annual report, the Central Bank of Norway expressed reservations about the suitability of the upcoming pan-European Markets in Crypto Assets (MiCA) regulation, suggesting it may not meet all of Norway’s crypto regulatory requirements.
This development comes in the midst of ongoing regulatory challenges faced by several major cryptocurrency exchanges in Europe. In September, Gemini, headquartered in New York, decided to withdraw from the Netherlands due to its inability to meet the stringent regulatory requirements.
These challenges extend beyond the European Union, with the United Kingdom’s Financial Conduct Authority (FCA) recently adding 143 new entities to its warning list of non-registered asset providers. This dynamic regulatory landscape underscores the significance of BitPanda’s achievement in obtaining a license in Norway as part of its ambitious European expansion strategy.