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BTC Pulse 2025-01-27 13:06:35

Austrian Crypto Unicorn Bitpanda Secures MiCA License in Germany

Bitpanda Gets Germany’s BaFin MiCA License Austrian fintech unicorn firm Bitpanda has been licensed under the European Union’s Markets in Crypto-Assets, or MiCA, becoming only the second crypto company to achieve such a feat. The license from Germany’s Federal Financial Supervisory Authority, BaFin, given on January 23, 2025, will allow Bitpanda to operate in all 27 EU member states under a single regulatory regime. This regulatory approval pinpoints the firm’s commitment to compliance and places it in the pole position in the European cryptocurrency market. The Importance of MiCA Compliance Bitpanda CEO Eric Demuth added that it is in the enforcement where MiCA will be able to see success. He told Cointelegraph, “Only with robust and consistent implementation will it be possible to ensure fair competition among CASPs.”. “The real question is whether the EU will have both the resources and the determination to take action against those who flout the regulation”, Demuth said, citing the danger of compliant firms potentially falling behind rivals which flouted the regime. Demuth further elaborated that EU has got to address challenges presented by the third-party firms which get round the European rules. “Failure to enforce the framework runs the risk of damaging its credibility and undermining its effectiveness.” Taking Cue from the US Demuth praised the potential of MiCA while urging the lawmakers to also look toward the United States for inspiration. He pointed to the speed and seriousness with which the U.S. is setting itself up to become the crypto hub of the world. The U.S. leads by example by realizing the fact that the internet has no national borders, and any company having American customers falls under their regulatory measures,” Demuth said. “Similarly confident, proactive, and unapologetic in its approach, this is what the EU needs if it doesn’t want to lag behind competitors anymore,” he added. A Milestone for European Crypto Bitpanda’s success follows that of Boerse Stuttgart Digital Custody, which became the first CASP to gain BaFin’s MiCA license on January 17, 2025. This more or less ushers in the possibility of MiCA having the propensity to harmonize crypto regulations across Europe, instill more confidence, and drive innovation. The success of MiCA in the long run will, however, depend upon how well the EU is able to implement the provisions contained therein. Done well, this could position Europe as a global leader in cryptocurrency.

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