The German financial authority, BaFin, has finally licensed Bitpanda to conduct business related to crypto and crypto assets in Germany. This license gives Bitpanda the freedom to conduct business legally in Germany. Upvest, Tangany, Kapilendo, and Coinbase were the other crypto firms that procured this license before, yet Bitpanda claims to be the first crypto firm in retail to acquire the license because they are based in Austria. Technically, Coinbase was the first retail crypto platform to achieve this feat.
Bitpanda has already acquired a crypto custody license in countries like Spain, the United Kingdom, Italy, Sweden, France, the Czech Republic, and Austria. Ever since the FTX crypto exchange collapsed, the legal system has become stricter regarding all crypto transactions.
Bitpanda CEO Eric Demuth praised his hardworking team after the announcement and emphasised the importance of honest and transparent communication for crypto transactions. Jon Cunliffe, the Governor of the Bank of England Deputy, also announced that the Bank of England would launch a regulatory body to govern the crypto exchanges to maintain transparency and homogeneity. The Senate of the United States is also working in the same direction. The legal system must adapt to the changing crypto world to maintain uniform security.
Since the license has been approved, the customers can freely conduct transactions without getting involved in rules and regulations requiring a passport. Bitpanda can now conduct business under the Crypto Custody and Proprietary Trading license. This is one step further into the dream of Bitpanda becoming a white-label company. This will also help the company get into business with other fintech companies to offer crypto and stock-related packages to their customers. The acquisition of this license by Bitpanda also shows how dedicated they are to being a transparent company and want to safeguard their European customers' digital assets and digital presence.
Demuth also mentioned that they want to keep being in the crypto business, and working ethically is just cementing their presence in the crypto industry. They are fully dedicated to an ethical working system and will soon acquire some more licenses to make this dream a reality. The announcement of this license has excited the crypto industry to see some more announcements about ethical working and the expansion of Bitpanda.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash