Bitpanda, the largest European cryptocurrency exchange, has announced that it has secured a license to offer virtual asset services (VASP) in Norway, expanding its regulatory approvals.
On October 19, the Vienna-based cryptocurrency exchange, Bitpanda, announced the latest milestone on the company’s official X account, that it has now become one of the first foreign cryptocurrency exchanges to receive a VASP license in Norway.
The VASP license is a requirement for all businesses that offer cryptocurrency exchange, custody, or trading services in Norway. With VASP, BitPanda now has the legal permission to provide a wide range of crypto-related services to Norwegian customers, including trading, custody, and exchange.
Bitpanda has obtained licenses for cryptocurrency trading and payment services in other European regions such as Austria, Germany, France, the Czech Republic, and Sweden.
To obtain the VASP license in Norway, BitPanda had to demonstrate that it has robust security measures in place to protect its users’ funds and that it complies with all applicable laws and regulations. This latest license further solidifies our position as Europe’s most regulated broker and will allow us to bring safe and secure digital asset trading to millions of new customers.
The deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad, said:
“It is obvious that we in Europe need an investment platform that we can trust. At Bitpanda, we have set out to be that platform. Over the last 12 months, we have been the only European provider to receive licenses in Germany, Sweden, and Norway. We now have more than 4 million users and enable Europe’s leading financial institutions and neobanks to offer digital assets.”
Norway Introduces Licensing for Cryptocurrency Firms Amid Global Push for Regulatory Clarity
The license comes at a time when Norway is taking a more proactive approach to regulating the cryptocurrency industry.
In May, the central bank called for lawmakers to leverage existing regulations that address systemic risk and enforcement actions, emphasizing the necessity for tailored crypto-specific regulations.
The move comes as countries worldwide closely examine the European Union’s impending Markets in Crypto Assets (MiCA) regulation, poised to become operational.
While MiCA holds the potential to extend its influence within the broader European Economic Area, the central bank noted the importance of not stopping there. They also stated the need for the continued development of dedicated regulations specific to the cryptocurrency industry.
This call for crypto-dedicated regulation reflects a growing international focus on cryptocurrencies and the need to establish clear and effective regulatory frameworks.
It is important to note that there needs to be a specific license for companies dealing with virtual assets.
Instead, these companies must register with the FSAN (Financial Supervisory Authority of Norway) and get the necessary permission to operate. This registration is compulsory for any organization offering virtual asset services.
Meanwhile, several major cryptocurrency exchanges are facing challenges with European regulators.
In September, Gemini, a New York-based exchange, opted to withdraw from the Netherlands due to its inability to meet the regulators’ demands.
It’s not just a European Union issue; even the United Kingdom’s financial markets regulator, the Financial Conduct Authority, has recently added 143 new entities to its warning list of unregistered asset providers.