Bitpanda, an Austrian cryptocurrency exchange, has secured registration and license to operate as a virtual asset service provider in Spain.
The Austrian cryptocurrency exchange, Bitpanda, valued at $4.1 billion, has secured registration and license to operate as a virtual currency exchange and digital asset custody service provider in Spain.
On June 16, the company’s name emerged in the Bank of Spain’s crypto-enterprise registry. In October of 2021, the registration officially opened its doors. It now consists of 15 firms. Bitpanda’s representative said that the company has been de-facto functioning in the country since 2014.
The Vienna-based company has now received a license in Spain, making it the sixth European country in which it has done so. It registered with the French Financial Markets Authority in December 2020, and it became the first foreign crypto provider to register in Sweden in May and June 2022, and one of the first to obtain an Italian Virtual Asset Services Provider (VASP) license in May and June 2022.
Bitpanda co-founder and co-CEO Eric Demuth stated in the business’s release that the company is committed to delivering a safe trading environment in the midst of the market crisis:
“As recent market developments have shown, where you buy your digital assets matters and we are going to always be prioritizing the safety of our community, as we are working relentlessly to build the best and the safest investment platform in Europe and beyond.”
Bitpanda purchased Trustology, a crypto custodian and wallet service provider based in the United Kingdom, in February 2022, with the intention of rebranding it as Bitpanda Custody and offering native crypto custody services to institutional investors. The exchange platform claims that this is the first step toward the introduction of Bitpanda Pro, its premium brokerage services platform, and the OTC trading desk.
As a spokesman for the corporation said:
“We have applied for registration in every market we have a presence, and have already secured registration and licences as a virtual asset service provider in Italy, Austria, Sweden, France, the Czech Republic and now Spain. We do of course want to expand our presence in further European markets, but will only do so when we can ensure we are fully compliant with local regulatory requirements.”
According to the impending Markets in Crypto Assetsbill, European Union authorities will allow crypto firms to operate on a pan-European level if they register in one of the Union’s member countries.
