European crypto unicorn Bitpanda is already regulated regulation is when something is controlled by a specific set of rules. in Spain. The exchange is also registered with regulators in Austria, France, Italy and Sweden.
- Bitpanda are officially registered with the Bank of Spain
- It is one of the 15 newly registered crypto exchange companies.
- The Bank of Spain opened its registry for suppliers in October 2021
One of the parameters that Spain has established in relation to companies related to cryptocurrencies is the need for regulation. That is why in October 2021, the central bank of that country opened the register of crypto-companies.
Recently on its website published the list of new exchanges approved as providers of custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets and virtual currency currency is a medium of exchange that defines value. exchange in the country. Among the list of 15 companies is the well-known European exchange Bitpanda.
The company was officially registered in the Bank of Spain’s crypto-companies registry on June 16, according to the bank’s official website, and Bitpanda announced the news today.
This is an initiative by the Bank of Spain that precedes what will be a major regulatory proposal. The European Union (EU) is planning to establish a license that would allow cryptocurrencies regulated in one EU country to operate in others under its forthcoming draft ofley Markets in Crypto Assets (MiCA). The MiCA framework is in the final stage of the EU legislative process.
Bitpanda and regulation
Bitpanda is also getting ahead of the curve, as in addition to Spain, it successfully registered with the registers of virtual asset service providers in both Italy and Sweden earlier this year. It registered with the French securities regulator. Autorité des Marchés Financiers (AMF) en 2020.
However, it has had some problems in its regulatory zeal. In February, Bitpanda announced the acquisition of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. platform a place to buy, sell and store cryptocurrency Trustology del Reino Unido. El mismo día que se hizo el anuncio, la Financial Conduct Authority (FCA) The United Kingdom warned that it was watching the acquisition closely. At the time of the announcement, Trustology was registered on the FCA’s Money Laundering Regulations (MLR) register, but according to the FCA, that was not enough.
On this issue, yesterday the firm told Bloomberg which remains committed to achieving regulatory status in countries, particularly in light of the recent turbulence in the cryptomarkets.
“Como han demostrado los desarrollos recientes del mercado, el lugar donde compra sus activos digitales es importante y siempre vamos a priorizar la seguridad de nuestra comunidad, ya que estamos trabajando sin descanso para construir la mejor y más segura plataforma de inversión en Europa y más allá”said the co-founder and co-chief executive officer of Bitpanda, Eric Demuth, in a press release.
Other companies on the bank’s new list
In the new list of companies authorised by the Bank of Spain to exchange virtual currency for fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency, the following appear C-R. Tecnología y Finanzas, BitcoInforme, BitBase, Blox, Trade Repulic Bank GMBH, Globalstar Technologies, Onyze Digital, BTC Direct Europe, Jobchain, Criptan Trade, Eurocoin Broker, Lemain Crypto yVottun.
It is worth remembering that in February 2022,el Banco de España aprobó la primera plataforma de criptomonedas con licencia: Bit2Me. October 2021, DiarioBitcoin had told that the Bank of Spain had opened the registration for cryptocurrency providers . Earlier, the central bank had already clarified that all crypto traders had to be registered , incluso si ya están registrados en otras instancias administrativas de la entidad, como el caso de los bancos.
Likewise, with regard to Bitpanda, it should be remembered that it has already several years of experience in the market. In 2019 he reported that allowed the payment of invoices to its European customers. Also that year it raised more than EUR $43 million (more than USD $45 million) in one Initial Exchange Offering, IEO. It also launched the Bitpanda Global Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. (Bitpanda GE), a digital asset exchange for experienced traders, professionals and institutions.
Version of DiarioBitcoin
Imagen de Unsplash