Bitvavo Secures Austrian License

Bitvavo Secures Austrian License

Time Stamp: November 13, 2023 3:16 PM
Source Node: 2381025

Bitvavo has secured a milestone in its European
expansion strategy. The Austrian Financial Market Authority has granted the
Dutch cryptocurrency exchange authorization to operate as a virtual asset
service provider, allowing it to extend its services into Austria.

Building on its success in the Benelux region and an
earlier approval in Italy, Bitvavo’s entry into Austria is part of its commitment
to navigate the regulations of the European crypto market. Currently, the
crypto platform has a pending application with the German Financial Supervisory
Authority.

According to a report by Fintelegraph, Bitvavo aims
to become the go-to regulated crypto exchange in Europe, focusing on the DACH
region. The company is leveraging its expansion,
bolstered by a wide range of over 200
cryptocurrencies , to position itself for growth in the Austrian market.

Meanwhile, in October, the Rotterdam court declared supervisory costs imposed on Dutch crypto firms, including Bitvavo and Commerce (the successor to Binance in
the Netherlands), as unlawful. This decision, which was made by the regulators in 2021, carried potential
implications for cryptocurrency oversight in the Netherlands and set a
precedent for other companies facing regulatory challenges.

Bitvavo and Coinmerce secured a partial victory in the ongoing legal tussle against the Dutch
regulator, who had imposed approximately $2.3 million in fees.

The Netherlands has maintained a stringent
regulatory stance on cryptocurrency firms, resulting in substantial fines against major exchanges. The court’s recent decision
challenged the regulatory overreach and signaled a potential shift in how the Dutch government oversees the crypto industry.

Navigating Challenges in the Crypto Landscape

Besides that, Bitvavo expects to reclaim between 80%
to 100% of the €280 million owed by Digital Currency Group, Finance Magnates reported early this year. This followed an in-principle agreement
reached between DCG-owned crypto lender Genesis and its creditors on a
restructuring plan.

Bitvavo anticipates the refund for its clients’
assets to be delivered in various forms, including cash, digital assets, and
convertible preferred equity notes in DCG. The bankruptcy filing of Genesis,
triggered by exposure to other collapsing crypto firms last year, sent
ripples through the cryptocurrency market.

Bitvavo has secured a milestone in its European
expansion strategy. The Austrian Financial Market Authority has granted the
Dutch cryptocurrency exchange authorization to operate as a virtual asset
service provider, allowing it to extend its services into Austria.

Building on its success in the Benelux region and an
earlier approval in Italy, Bitvavo’s entry into Austria is part of its commitment
to navigate the regulations of the European crypto market. Currently, the
crypto platform has a pending application with the German Financial Supervisory
Authority.

According to a report by Fintelegraph, Bitvavo aims
to become the go-to regulated crypto exchange in Europe, focusing on the DACH
region. The company is leveraging its expansion,
bolstered by a wide range of over 200
cryptocurrencies , to position itself for growth in the Austrian market.

Meanwhile, in October, the Rotterdam court declared supervisory costs imposed on Dutch crypto firms, including Bitvavo and Commerce (the successor to Binance in
the Netherlands), as unlawful. This decision, which was made by the regulators in 2021, carried potential
implications for cryptocurrency oversight in the Netherlands and set a
precedent for other companies facing regulatory challenges.

Bitvavo and Coinmerce secured a partial victory in the ongoing legal tussle against the Dutch
regulator, who had imposed approximately $2.3 million in fees.

The Netherlands has maintained a stringent
regulatory stance on cryptocurrency firms, resulting in substantial fines against major exchanges. The court’s recent decision
challenged the regulatory overreach and signaled a potential shift in how the Dutch government oversees the crypto industry.

Navigating Challenges in the Crypto Landscape

Besides that, Bitvavo expects to reclaim between 80%
to 100% of the €280 million owed by Digital Currency Group, Finance Magnates reported early this year. This followed an in-principle agreement
reached between DCG-owned crypto lender Genesis and its creditors on a
restructuring plan.

Bitvavo anticipates the refund for its clients’
assets to be delivered in various forms, including cash, digital assets, and
convertible preferred equity notes in DCG. The bankruptcy filing of Genesis,
triggered by exposure to other collapsing crypto firms last year, sent
ripples through the cryptocurrency market.

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