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- Bitpanda secures a MiCA license from Germany’s BaFin, enabling operations across all 27 EU member states.
- MiCA introduces stricter regulations to enhance transparency and user protection in Europe’s cryptocurrency industry.
Bitpanda, an Austrian cryptocurrency trading platform, has become the second firm to get a Markets in Crypto Assets Regulation (MiCA) license from the German Federal Financial Supervisory Authority (BaFin). Bitpanda’s area of activities has been expanded by approval to run crypto services in all 27 members of the European Union. Lukas Enzersdorfer-Konrad, Deputy CEO at Bitpanda, stated:
“This achievement is the result of a decade of commitment to compliance and regulation. With MiCAR, we are not just meeting the industry’s highest standards, we are setting them. Our focus now is on using this licence to accelerate adoption and growth across the European market.”
Bitpanda Secures MiCA Approval, Solidifying Its EU Leadership
Set to take effect in late 2024, MiCA aims to provide clear regulations for Europe’s crypto industry. By requiring service providers to obtain official licenses, it promotes market fairness, enhances transaction security, and fosters greater trust among users.
Only Boerse Stuttgart Digital had lately secured a comparable license from BaFin. Now, Bitpanda’s action reinforces even more its role as a big participant in the European crypto market.
Addressing Regulatory Gaps: ESMA’s Call for Stricter Cooperation
One fundamental issue still exists: attempts by some worldwide crypto platforms to avoid control by setting operational structures outside the European Union, even when the regulation gives clarity for market players. This can lead to market injustice and raise user risks.
The European Securities and Markets Authority (ESMA) has proved the need for tight cooperation among authorities in order to avoid weaknesses open for use by negligent market actors.
Looking back, the CNF previously reported in June 2024 that Bitpanda users in Germany had a real-time payment system supplied by Deutsche Bank. By means of local IBAN access, this system lets users make fast deposits and withdrawals.
