Bitpanda joins an exclusive group of pioneering foreign firms in gaining this license.
Norway has stated its willingness to pursue its own crypto regulatory framework.
Crypto exchange Bitpanda, recently received its virtual asset service provider (VASP) license from the Norwegian authorities. Bitpanda joins an exclusive group of pioneering foreign firms in gaining this license.
On October 19th, Bitpanda made public their successful application for a crypto license on Twitter. Bitpanda also has licenses in other European countries, including Austria, Germany, France, the Czech Republic, and Sweden.
Eyeing Europe Expansion
Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, said that the firm’s registration in Norway is a major step forward in its plans to expand across Europe.
Norway has stated its willingness to pursue its own crypto regulatory framework apart from the European Union. The country’s central bank expressed worry in its annual report published in May 2023 that the upcoming EU Markets in Crypto-Assets (MiCA) law would not adequately address all crypto regulatory demands.
Through a number of current initiatives, Norway has actively backed crypto innovation and development. For instance, Norway’s biggest bank, DNB ASA, is working with the IOTA Foundation to investigate the advantages of blockchain technology.
Bitpanda has secured licenses in many European countries. On the flip side, several large crypto exchanges have run into regulatory hurdles. Most crypto exchanges are facing challenges with regulatory scrutiny across the globe.
As it expands its presence and services throughout Europe, Bitpanda distinguishes out as a firm devoted to complying with local laws and regulations, with over 300 tradable cryptocurrencies and 2600 digital assets available to its consumers.