Bitpanda Secures Virtual Asset Provider License in Norway, Pioneering European Exchange
Bitpanda, the largest European cryptocurrency exchange, has announced that it has received a license to provide virtual asset services (VASP) in Norway, expanding regulatory approvals.
On October 19, Vienna-based cryptocurrency exchange Bitpanda announced the latest development on the company's official X account, now becoming one of the first foreign currency exchanges to receive a VASP license in Norway.
A VASP license is a requirement for all businesses providing cryptocurrency exchange, custody or trading services in Norway. With VASP, BitPanda is now legally licensed to offer a wide range of crypto-related services to Norwegian customers, including trading, custody and money exchange.
Bitpanda is licensed for cryptocurrency trading and payment services in other European regions such as Austria, Germany, France, Czech Republic and Sweden.
In order to obtain a VASP license in Norway, Bitpanda had to demonstrate that it has strong security measures in place to protect its users' funds and that it complies with all applicable laws and regulations. This latest license further strengthens our position as Europe's most regulated broker and enables us to bring safe and secure digital asset trading to millions of new clients.
Lucas Inzersdorfer-Konrad, Deputy CEO of Bitpanda, said:
“It's clear that in Europe we need an investment platform that we can trust. At Bitpanda, we know to be that platform. In the last 12 months, we were the only European provider to receive a license in Germany, Sweden, and Norway. We now have more than 4 million users and are the European leader. We enable financial institutions and neobanks to offer digital assets.”
Norway introduces licensing for cryptocurrency companies amid global push for regulatory transparency.
The permit comes as Norway takes a more proactive approach to regulating the cryptocurrency industry.
In May, the central bank asked lawmakers to use regulations on systematic risk and enforcement measures, emphasizing the need for privacy-specific crypto-specific regulations.
The move comes as countries around the world prepare to take action on the European Union's recent regulation of the Crypto Assets (MiCA) market.
While the MCA has the potential to expand its influence across the wider European economic region, the central bank says it is important not to stop there. They also stated that there is a need to develop specific regulations for the cryptocurrency industry.
This call for crypto-dedicated regulation reflects the growing global focus on cryptocurrencies and the need to establish clear and effective regulatory frameworks.
It is important to note that there must be a separate license for companies dealing with virtual assets.
Instead, these companies must register with FSAN (the Financial Supervisory Authority of Norway) and obtain the necessary licenses to operate. This registration is mandatory for any organization providing virtual property services.
Meanwhile, several major cryptocurrency exchanges are facing challenges with European regulators.
In September, New York Exchange Gemini chose to exit the Netherlands after failing to meet the regulators' demands.
It is not just an EU issue; The UK's financial markets regulator, the Financial Conduct Authority, recently added 143 new entities to its warning list of unregistered asset providers.
