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An Austrian fintech receives payment service provider license

The service provider Bitpanda allows among other things the crypto trade. With the new FiNMA license, the company wants to become even more active.

One of the few licensed providers in the EU

Also the way to the larger establishment of the crypto branch outside the globally seen rather small circle of the investors. Who buy Bitcoin or Ethereum, plays the topic of the state regulation and acknowledgment an elementary role. The message to the service provider Bitpanda could be so at least within Europe of great significance and open new doors. As Europe’s leading trading platform for Bitcoin, IOTA and more, the portal is one of the better known operators in Europe. The fintech company may now advertise to be the owner of an official license as a payment institution. The same authorization was granted to the provider of payment services by the Financial Market Authority of his native Austria.

Successful application review opens up new possibilities for Bitpanda

The FMA has now granted approval after a detailed examination of the application. Basis of the decision is the PSD2. The abbreviation stands for the Payment Services Directive 2. Which the European Union has implemented as a regulatory guideline not only for the EU itself but also for the European Economic Area. The Austrian Bitpanda Group regards their success as an industry wide important step. No less than a milestone is the approval by the FMA for the market. Now, new products are to be created swiftly and additional fintech functions put on the market in order to keep existing customers. And, above all, to attract and attract new private customers as well as commercial and institutional interested parties.

New asset classes and financial services are expected to emerge quickly

As its overriding goal, Bitpanda claims to bridge the remaining differences between the traditional financial industry and the crypto market with digital currencies such as Ripple or Litecoin, as well as new digital assets that will gradually emerge as they expand. To take this step, Bitpanda itself wants to quickly create new assets that have only a limited connection to digital currencies. Bitpanda Payments GmbH sees itself as a missing link that now wants to offer users digital assets in many places. The number of state licensed service providers in the EU can currently be counted proverbially on one hand.

Also published on Medium.

Published inCryptocurrencies

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