Austrian fintech unicorn Bitpanda has successfully secured its third license under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework. This significant achievement was announced on April 10, indicating Bitpanda’s commitment to expanding its regulatory footprint across the European Union. The latest license comes from Austria’s Financial Market Authority (FMA), following previous approvals from regulatory bodies in Germany and Malta.
This approval is not just a mark of recognition; it signals a key step towards establishing Bitpanda as the most regulated crypto platform in Europe. In a statement, the exchange mentioned that this milestone reflects their dedication to compliance and security within the crypto space.
The Markets in Crypto-Assets Regulation (MiCA) framework was designed to create a harmonized legal environment for crypto asset service providers (CASPs) across the EU, aiming to develop uniform market rules. However, despite MiCA’s objectives, Bitpanda’s quest for multiple licenses raises questions regarding the consistency of regulatory enforcement among EU member states.
Since MiCA became effective on December 30, 2024, Bitpanda was among the pioneering CASPs to obtain a license. The first MiCA license was granted by Germany’s Federal Financial Supervisory Authority (BaFin), followed by the second from the Malta Financial Services Authority (MFSA).
Bitpanda’s decision to pursue licenses in various jurisdictions has led to discussions about whether multiple licenses are essential under the MiCA framework. Insights from the European Securities and Markets Authority suggest that while MiCA aims to standardize regulations, discrepancies may still exist in how member states interpret these regulations.
According to records from Austria’s FMA, Bitpanda currently holds four different regulatory approvals in Austria and Germany for various entities including Bitpanda Asset Management GmbH and Bitpanda Payments GmbH. However, at this time, relevant regulators do not maintain public registries indicating which firms have been granted licenses, leaving some uncertainty in the market.
Looking ahead, Bitpanda continues to ride the wave of regulatory success with its expansion into more markets, setting a benchmark for security and compliance in the crypto industry. However, the firm remains under evaluation regarding its approach to securing these licenses and the implications for the broader EU crypto market.
As regulatory frameworks evolve, companies like Bitpanda must navigate the intricate landscape of compliance, continually adapting to ensure they meet both local and EU-wide standards.
