Austria-based trading platform Bitpanda has secured a Crypto Custody and Proprietary Trading licence from Germany’s financial regulator (BaFin).
The Austrian unicorn joins four other entities that are listed as licenced crypto custody companies in BaFin’s database, namely Coinbase, Kapilendo, Tangany, and Upvest. According to techcrunch.com, Bitpanda is the first European retail investment platform that meets BaFin’s requirements. With the new licence, the company will now be able to process cryptocurrencies for German customers, and it won’t have to rely on passporting rules.
Bitpanda also holds licences with the financial regulators of Austria and France, and this new licence could help it expand its white-labelling business and enter partnerships with other fintechs in Europe. For instance, In October 2022, Bitpanda has gained UK bank Plum as a B2B client and integrated its API solution into the Plum app. Plum customers could already save, invest, spend and budget via the app, but the addition of cryptocurrencies to the app further helped customers manage their finances in one place.
Bitpanda representatives cited by techcrunch.com touched on the company’s commitment to achieving regulation excellence and expressed that this commitment is crucial to the long-term success of the industry. Apart from France, Germany and Austria, Bitpanda has also received regulatory approvals in the Czech Republic, Sweden, Italy, Spain, Sweden, and the UK.
Bitpanda’s efforts to seek regulatory approval come in the context of FTX’s recent demise, which brought increased scrutiny to unregulated crypto exchanges that operate outside of a country’s jurisdiction according to cointelegraph.com. Consequently, exchanges are looking to prove their legitimacy by gaining licences in multiple countries.
The same source indicates that the Bank of England intends to create a regulatory sandbox that would explore ways to regulate exchanges effectively. Moreover, the US Senate has launched a hearing to consider how to effectively regulate crypto exchanges.
In October 2022, mobile bank N26 has announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell almost 200 cryptocurrencies in their N26 app. After launching in Austria first, the Mobile Bank plans to roll out N26 Crypto in other markets in stages over several months.
N26 Crypto will eventually offer almost 200 coins available to buy and sell. The platform also features clear visualisations of a customer's crypto portfolio, making it easy to track the portfolio’s development over time.
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