BitPanda Secures VASP License in Norway

BitPanda Secures VASP License in Norway

Time Stamp: October 19, 2023 1:37 PM
Source Node: 2336572

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. The company holds
licenses in Austria, Germany, Czechia, France, and Sweden.

In a statement posted on X (formerly 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.”

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.

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. This
acquisition 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.

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. The company holds
licenses in Austria, Germany, Czechia, France, and Sweden.

In a statement posted on X (formerly 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.”

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.

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. This
acquisition 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.

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