Bitpanda has reportedly become one of the first major crypto firms to secure a MiCA (Markets in Crypto-Assets Regulation) license.
Issued by Germany’s Federal Supervisory Authority (BaFin), this milestone reinforces Bitpanda’s goal to remain secure and compliant while offering crypto services.
This achievement marks the start of a new chapter for Bitpanda. With the MiCA license, Bitpanda can “expand its services across all EU member states under a unified regulatory framework.”
Receiving the MiCA license from BaFin – one of Europe’s financial regulators – underscores Bitpanda’s commitment to regulatory compliance and security in the crypto sector.
Lukas Enzersdorfer-Konrad, Deputy CEO at Bitpanda said:
“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.”
The introduction of a dedicated regulatory regime for crypto assets through MiCAR provides a “solution to the long-standing lack of clear rules in the industry.”
According to its proponents, MiCAR aims to bring a more “balanced” legal framework that claims to ensure greater “transparency, mitigates risks and fosters accountability – creating a secure environment for all participants in the market.”
As the first region to implement a “comprehensive” regulatory framework for crypto assets, the EU now serves as “a benchmark” for other jurisdictions, according to the team at Bitpanda.
A key member of the EU Parliament who worked on its preparation as a Rapporteur stated:
“We put order in the Wild West of crypto assets and set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee equal rights for service providers and ensure high standards for consumers and investors.”
MiCAR is the culmination of the industry’s efforts to bring about “a balanced and tailor-made regulatory framework for crypto assets in the EU, for which Bitpanda has advocated for many years.”
The following elements outline what MiCA means for Bitpanda and customers:
- Legal clarity: Previously, we were operating under different rules in each country but now there are clear European rules for Crypto Assets-Service providers, issuers of Stablecoins (MiCA designates them as Assets Referenced Tokens and E-Money Tokens), Trading Platforms and other crypto assets. Furthermore, there is now:
- Harmonization of rules and practices: This minimises fragmentation and regulatory arbitrage (exploitation of gaps or differences of rules per country)
- Passporting: One licence for all EU Member States and not 27 different licences and/or registrations
- A level-playing field: EU providers and those from outside the EU cannot operate without the licence
Eric Demuth, CEO and Co-Founder of Bitpanda, commented:
“With the first MiCAR licence for a major crypto player, Bitpanda is setting a new standard for the crypto industry, paving the way for secure and regulated services across Europe. 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.”
At Bitpanda, they claim to have prioritized the highest standards of regulatory compliance and security, “ensuring customers’ funds and digital assets– whether crypto, stocks, or commodities–are safeguarded.”
For their existing customers, “nothing will change and no action is needed on their part.”
MiCAR has solidified these rights throughout the crypto world, “granting protections for investors across the board.”
The regulation imposes strict obligations on the crypto industry to protect against “unethical practices and potential shortfalls committed by malicious actors and entities.”
MiCAR introduces a single regulatory regime for the crypto industry, enabling Bitpanda to “operate under one licence across 27 countries.”
This reduces complexity and cost while “offering a clear path for scaling operations.”
The MiCAR license reportedly enables Bitpanda to expand its offerings across Europe, delivering its range of products, “spanning retail and institutional services.”