Bitpanda, an Austrian crypto exchange, announced that it had been granted a crypto license by Germany’s financial regulator (BaFin). Bitpanda Asset Management claimed in a press release that it can now independently offer crypto custody as well as proprietary trading for crypto assets for German customers thanks to the license from the German Federal Financial Supervisory Authority (BaFin).
According to a press release made by the company:
“There is a reason to celebrate! We are pleased to announce that we are the first European retail investment platform to receive a full license from the German regulator BaFin for custody and proprietary trading of crypto assets.”
Bitpanda had reportedly been requesting German authorization for months, according to the press release. With the completion of the licensing process, the crypto exchange now has permission to operate in the Czech Republic, Sweden, the UK, Spain, Italy, and France.
The company said in a statement:
“Bitpanda will be able to maintain an order book and directly market services for crypto assets, enabling them to provide a secure and regulated environment for German customers to invest in a wide range of cryptocurrencies.”
Co-founder and CEO Eric Demuth said in a statement:
“At Bitpanda we set the highest standards for ourselves and remain absolutely committed to doing things right, and doing the right things,”
“This principle is firmly embedded in our DNA as a fully regulated investment platform and, in my opinion, critical to the long-term success of our industry. The security of our customers’ digital assets, as well as those of our White Label partners, is our top priority.”
With the BaFin licence, they can actively provide services to the German market while adhering to regulations. Additionally, obtaining this license is a significant step toward their larger goal of developing a fully regulated market for cryptocurrency investments in Europe.
Germany is a member of the European Union, which recently finalized a comprehensive framework for regulating crypto issuers and service providers seeking to operate in any of the union’s 27 member states.
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