Bitpanda is expanding in Spain after registering as a virtual currency exchange and digital asset custody service provider.
Bitpanda is also registered by authorities in Austria, France, Italy, and Sweden.
The Bank of Spain launched its registry for crypto service providers in October 2021.
Bitpanda, a European crypto exchange, has announced its entry into the Bank of Spain’s registry for crypto firms. According to the bank’s official website and the Bitpanda announcement on Tuesday, the Bank of Spain registered the crypto firm officially on June 16.
The Bank of Spain opened its registry for crypto service providers in October 2021. In February 2022, Bit2Me became the first firm to be added to the list.
Notably, the European Union (EU) is working on a license that would allow crypto firms regulated in one EU member state to operate across the bloc under its forthcoming Markets in Crypto Assets (MiCA) legislation. The MiCA standard is in the final stage of the EU’s legislative procedure.
However, Bitpanda did not wait for the European license to be enacted after it successfully registered in virtual asset service provider registries in both Italy and Sweden earlier this year. In 2020, it became a certified company in the French financial market.
Bitpanda announced it will continue working to obtain regulatory approval in nations as the price of bitcoin and other digital currencies fluctuates.
According to co-founder and co-CEO Eric Demuth, recent market developments have demonstrated that where you buy your digital assets is important, and Bitpanda is working to prioritize the security of the community and assure safety in investments across Europe and beyond.
The acquisition comes amid market uncertainty and a Bitcoin price slump, but the company is upbeat about its prospects as the value of cryptocurrencies continues to decrease.
Other cryptocurrency exchanges have also expanded in Europe recently. BingX was recently licensed to operate in the UK by the FCA and officially opened its new office and crypto business licensed in Lithuania.