Bitvavo has obtained a license from the Austrian Financial Market Authority, enabling it to offer its services in Austria. The company has also won a legal dispute with the Dutch government over supervision fees, challenging its strict approach to crypto regulation.
Bitvavo, a crypto exchange that offers over 200 digital assets, has secured a pivotal license from the Austrian Financial Market Authority.
This approval marks a significant step in Bitvavo’s European expansion, enabling the company to enter the Austrian market.
The development is a key part of Bitvavo’s ongoing efforts to comply with the European crypto market’s regulatory framework following its success in the Benelux region and earlier approval in Italy.
The company’s application with the German Financial Supervisory Authority is under review, indicating further expansion plans.
Bitvavo’s foray into Austria aligns with its ambition to become a dominant player in the DACH market (Germany, Austria, Switzerland) as Europe’s premier regulated cryptocurrency exchange.Â
Bitvavo Wins Legal Victory in the Netherlands
Bitvavo and Commerce, the Dutch successor to Binance, recently celebrated a legal victory in the Rotterdam court.
The court ruled that they were not obligated to pay supervision fees, a decision that challenges the Dutch government’s stringent approach to cryptocurrency enterprise regulation.
This ruling could signal a potential shift in the Netherlands’ regulatory strategy for the crypto sector.
The legal skirmish between Bitvavo, Commerce, and the Dutch regulator revolved around fees exceeding $2.3 million. The court’s decision, favoring Bitvavo and Commerce, reflects a growing resistance against governmental overreach in this sphere.
Bitvavo Compensates Customers Affected by Genesis Bankruptcy
Bitvavo has also laid out plans to reimburse its customers affected by the bankruptcy of Genesis, a crypto lending platform that collapsed last year.
The proposed compensation includes options like cash, digital assets, and convertible preferred equity notes denominated in DCG.
This move is crucial, considering Genesis’ collapse had significant repercussions in the crypto market due to its links with other faltering crypto businesses.
Bitvavo’s strategic regulatory compliance, coupled with its customer-focused approach in the face of industry challenges, positions it as a notable entity in the evolving European cryptocurrency landscape.
The company has over 1.5 million users and processed over $10 billion in trading volume in the third quarter of 2021.
