Crypto Exchange Bitpanda Gains Regulatory Approval In Spain

The Bank of Spain has approved crypto trading and investment company Bitpanda to officially act as a recognized Virtual Asset Service Provider (VASP) in the country.

Bitpanda

Bitpanda, which is a Vienna-based cryptocurrency platform available in six European countries, was on the 15e company to receive this license. The approval allows it to operate in the country after working with the regulator to show that it meets the requirements set by law.

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Founded in 2014, BitPanda is a retail broker for digital assets, including over 30 cryptocurrencies. The company says it has onboarded 2 million users and plans to expand into real-world assets to create a pan-European offering, with expansion having already begun in France, Spain and Turkey.

The new license comes as Madrid seeks to control crypto activities by introducing a series of new regulations, including stricter KYC rules for digital currency transactions. Spanish authorities want to prevent anonymity in cryptocurrency transactions, thus banning anonymous crypto accounts.

“As recent market developments have shown, where you buy your digital assets matters and we will always put the safety of our community first as we work tirelessly to build the best and most secure investment platform in Europe and beyond,” said Bitpanda co-founder and co-CEO Eric Demuth.

Spain, despite not considering cryptocurrencies as legal tender, has kept an open approach when it comes to the existence of digital asset platforms in the country.

Spain recently approved measures to amend its money laundering legislation to comply with the EU’s Fifth Money Laundering Directive (AMLD 5). The Spanish parliament passed the updated regulations in 2020, which allows the central bank to control the country’s crypto providers.

Spain’s financial markets regulator, often abbreviated as CNMV, regularly issues warnings against unlicensed crypto platforms and brokers targeting investors in the country.

Current laws require crypto exchanges, wallet providers, and crypto custodial providers operating in Spain to register with a financial regulator and prove they meet AML requirements if they wish to continue operations. .

The penalties that crypto firms will have to pay if they evade this register range between €150,000 and €10,000,000, and this could also include penalties to these platforms guidelines.

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Crypto Exchange Bitpanda Gains Regulatory Approval In Spain


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