Bitpanda may now operate in all 27 member states of the EU.
Crypto exchange Bitpanda is the latest crypto firm to have obtained the European Union’s (EU) highly coveted Markets in Crypto-Assets (MiCA) license. According to a Monday announcement shared by the firm, it secured the license from the German Federal Financial Supervisory Authority (BaFin).
By MiCA’s provisions, and like any other firm in possession of a similar license, Bitpanda may now operate in all 27 member states of the EU. MiCA provides a uniform regulatory framework that cuts across all these locations.
Bitpanda to Use MiCA License to Boost Growth
MiCA came into full effect on December 30, 2024. Since that time, Bitpanda has only been the second crypto asset service provider (CASP) to have received BaFin’s full MiCA license after Boerse Stuttgart Digital Custody first obtained the license on January 17.
Notably, the Austria-based firm Bitpanda had about 6 million users in December. However, it has now claimed that it hopes that this new license will help its growth ambitions.
In a recent statement shared with CoinDesk by CEO and co-founder Eric Demuth, the license is expected to help the company achieve safe investing. This means that the exchange will become even more attractive to potential investors, multiplying their growth odds. Demuth’s statement reads in part:
“This milestone enables us to bring easy and safe investing to over 450 million people, unlocking unparalleled growth potential in a market we’re ready to fully conquer.”
Concerns Remain Over New Regulatory Regime
MiCA may now be in full effect, but many still worry whether or not its regulatory framework will be as effective as envisaged. According to Demuth, there must be a consistent effort to enforce its provisions if MiCA would really work. He said:
“The real question is whether the EU will have both the resources and the determination to take action against those who disregard the regulation.”
To the CEO, failure to enforce compliance will not only allow some CASPs to operate as they wish, but 1it will also put those willing to comply at a disadvantaged position in competition.
In view of this, Demuth has now charged the whole of Europe to look to the US as an example. He reminded the region that while the prospects of MiCA are there for all to see, there still is a need for European lawmakers to emulate their counterparts around the world and see how regulations are shaping up on those parts too.
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