BitPanda Obtains Norway’s First Foreign Crypto License

BitPanda has achieved a significant milestone by obtaining a crypto license in Norway. What’s noteworthy is that it’s the first foreign entity to receive a virtual asset service provider license in Norway.

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Bitpanda, one of Europe’s major cryptocurrency exchanges, has successfully obtained a virtual asset service provider license in Norway. This achievement positions Bitpanda as one of the first foreign companies to secure this license.

Bitpanda made the official announcement on X (formerly Twitter) on October 19. The company already possesses licenses in several European countries, including Austria, Germany, France, Czechia, and Sweden.

Lukas Enzersdorfer-Konrad, the Deputy CEO of Bitpanda, emphasized that their registration in Norway represents a significant milestone in their European expansion. He also highlighted the importance of establishing a trustworthy investment platform in Europe, and Bitpanda aims to be that platform by securing licenses in countries like Germany, Sweden, and now Norway.

Norway’s Position on Crypto

Norway, not part of the European Union, has chosen to set its own path for crypto regulation. The country’s central bank expressed concerns in its May 2023 annual report that the upcoming EU-wide Markets in Crypto-Assets (MiCA) regulation might not cover all the necessary crypto regulations.

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Norway has actively promoted crypto innovation and adoption through various initiatives. For instance, Norway’s largest bank, DNB ASA, has partnered with the IOTA Foundation to explore the potential benefits of distributed ledger technology. Additionally, Norway is home to one of the world’s largest Bitcoin mining farms, known as Kryptovault.

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Challenges Faced by Other Crypto Exchanges

Bitpanda has successfully secured licenses in multiple European jurisdictions, setting itself apart from other major crypto exchanges that have faced regulatory challenges. For example, Gemini, a New York-based exchange founded by the Winklevoss twins, recently exited the Netherlands in September 2023 due to regulatory obstacles.

In the United Kingdom, there has been a crackdown on unregistered crypto asset providers, with the Financial Conduct Authority (FCA) adding 143 new entities to its list of unauthorized firms.

Bitpanda’s distinguishing feature is its commitment to compliance with local laws and regulations as it expands its services throughout Europe, offering users access to over 300 tradable cryptocurrencies and 2600 digital assets.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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