German citizens may now receive custody and proprietary trading services from Austrian fintech upstart Bitpanda thanks to a local license.
In order to provide custody and proprietary trading services in the European country, Bitpanda just obtained a German cryptocurrency license. The Austrian cryptocurrency exchange and multifaceted trading platform elaborated on the licensing development: Furthermore, Bitpanda will be permitted to keep an order book and directly market services for crypto assets, allowing them to offer a secure and regulated environment for German customers to invest in a variety of cryptocurrencies.
The German Federal Financial Supervisory Authority issued the license to Bitpanda (BaFin). Additionally, this development occurs following the spectacular failure of the crypto exchange FTX, which had its headquarters in the Bahamas.
Bitpanda, which has already received regulatory approval in a number of European nations, became the first fintech unicorn from Austria last year. Included in this group are Austria, the Czech Republic, France, Italy, Spain, Sweden, and the United Kingdom.
In March 2021, Bitpanda raised $170 million in Series B funding, valuing the company at $1.2 billion, for its $1 billion market cap. Lead contributors to that fundraising effort included Andrew McCormack, James Fitzgerald, and Valar Ventures, which Peter Thiel founded. Along with the venture capital fund, the partners of DST Global also took part in the activity.
Regulators from all over the world have been closely monitoring the cryptocurrency market, which is still feeling the impact of FTX’s downfall. Nevertheless, Germany, a member of the European Union, finished developing its comprehensive framework for regulating cryptocurrency issuers and service providers this month. This development suggests that issuers and service providers may soon be able to conduct business throughout the 27 member states of the trading bloc.
EU member states like Germany and France continue to provide local regulatory permits despite what is seen to be the lengthy nature of the MiCA legislation’s implementation.
