Bitpanda, the fintech and crypto trading platform based in Vienna, has cemented its third license under the European Union’s Markets in Crypto-Assets Regulation (MiCA). Bitpanda, a crypto-focused fintech company, has received a license from Austria’s Financial Market Authority after gaining two earlier licenses.
The milestone shows that Bitpanda wants to be the most regulated crypto service in Europe. In response to the announcement, the company emphasized its ongoing commitment to creating a safe and reliable space for trading digital assets in line with the objectives of MiCA.
MiCA (Markets in Crypto-Assets) is the most important regulatory framework for crypto businesses in Europe. It will take effect on December 30, 2024. So, Bitpanda is seeking licenses in three different countries. It raises doubts about whether the regulation will be consistent throughout the bloc. As MiCA attempts to ease compliance via a “passporting” system — which lets firms operate across the EU via a single license — Bitpanda’s efforts for multi-licensing suggest divergence in countries’ interpretations and implementations of the rules.
Bitpanda has already obtained regulatory licenses for its affiliates, namely, Bitpanda GmbH, Bitpanda Payments GmbH, Bitpanda Asset Management GmbH, and Bitpanda Financial Services GmbH, in Austria and Germany. The licenses show how the company is proactively engaging regulators in major markets.
As the EU works to refine the enforcement of MiCA, Bitpanda’s all-encompassing regulatory strategy offers a template other crypto firms can use to establish a robust presence in Europe. At the same time, the company’s approach indicates a growing worry about the uniform implementation of MiCA among member states.
Even after trying to contact Bitpanda for more information on its licensing strategy, the firm has refused to offer further comments. Regulators and industry players will likely closely monitor Bitpanda’s actions as they navigate the complexities of Europe’s emerging crypto regulation.
