Austrian retail cryptocurrency trading platform Bitpanda has announced receiving a Payment Service Provider (PSP) license, marking a significant milestone in its regulatory compliance and service expansion across Europe.
License Overview and Regulatory Approval
- Issuing Authority: Austrian Financial Market Authority (FMA)
- License Type: PSD2 (Payment Services Directive 2)
- Scope: Permits Bitpanda to operate throughout the European Economic Area (EEA) and the European Union (EU).
Strategic Impact
Philipp Bohrn, Bitpanda’s Managing Director, emphasized the company’s mission:
"Our goal is to bridge the gap between cryptocurrencies and traditional finance. This license removes barriers, enabling seamless integration of digital assets into everyday financial services."
Bitpanda’s Evolution and Market Position
Founded in 2014 as Coinimal, Bitpanda has grown into one of Europe’s leading cryptocurrency trading platforms, serving millions of users with:
- User-friendly digital asset trading
- Innovative investment tools
- Regulatory-compliant services
👉 Explore Bitpanda’s licensed trading platform
Vision for Digital Asset Accessibility
A Bitpanda executive (formerly head of Raiffeisen Bank’s digital innovation unit) highlighted their pioneering role:
"We aim to be the missing link, making digital assets spendable wherever users desire. This license positions us as Europe’s first-mover in offering convenient, innovative solutions."
Recent Product Launch: Bitpanda Savings
Last month, Bitpanda introduced Bitpanda Savings, a feature allowing users to:
- Automate periodic digital asset purchases
- Build long-term wealth via cryptocurrencies
CEO Eric Demuth commented:
"Being among Europe’s few licensed crypto fintechs is a pivotal step toward our vision of an open, innovative investment platform."
FAQ Section
1. What does the PSD2 license allow Bitpanda to do?
The license authorizes Bitpanda to offer payment services across the EEA and EU, enhancing its compliance and service range.
2. How does Bitpanda Savings work?
Users can set up recurring purchases of cryptocurrencies, enabling passive investment strategies.
3. Why is this license significant for European crypto users?
It ensures higher regulatory standards, increasing trust and accessibility for digital asset services.
👉 Start trading securely with Bitpanda
Conclusion
Bitpanda’s PSD2 license underscores its commitment to regulatory excellence and user-centric innovation, setting a benchmark for crypto platforms in Europe.