Cryptocurrency exchange and trading firm BitPanda announced on Monday that it has received approval for a MiCAR (Markets in Crypto-Assets Regulation) licence from the German Federal Supervisory Authority (BaFin).
BitPanda is the first major crypto exchange to receive approval from the German regulator for the new license.
“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,” said Eric Demuth, BitPanda CEO and Co-Founder.
“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.”
MiCAR went live at the start of this year and is the most comprehensive set of standards governing the crypto industry to date.
It covers a broad set of services that are relevant to the crypto industry, like stablecoin issuance and operating a crypto trading platform.
A license holder is able to passport their services across the European Union, meaning BitPanda can now provide crypto products to users across the entire political bloc.
