Bitpanda announced that it has been licensed by the regulators of Austria because of the laws in Europe. The license is of PSD2 and it gives the company full permission to offer services like products that are meant to link the digital asset space and the market. The digital asset space and the common market for financial dealing is not that cooperative.
Bitpanda is one of the most successful retail brokers for dealing in major cryptocurrencies like ETH and BTC and many more. Bitpanda made the announcement on their blog on 4rth of April 2019. The announcement also revealed that the license was provided by the FMA of Austria.
PSD2 license allows the company to provide their services both inside the European Union and the EEA. Bitpanda is the very first crypto retail broker that has been issued a PSD2 license in Europe.
The CEO of Bitpanda gave a statement regarding the situation saying that they are proud to be the very first companies in Europe to have been issued the license. He says that this helps them achieve their goal of creating an open and innovative space. BitPanda has made many efforts in introducing and implementing regulations in bitcoin
PSD2 license’s main purpose is to promote innovation and growth in the market while also improving and making it efficient.
EU has a highly regulated financial technology sector but now Bitpanda can help its one million users in EU. After receiving the license the company is interested in providing services that are specifically made for the banking industry. As of now, it has not announced any plans.