Austrian Authorities Grant Payment Service Provider Licence to BitPanda in Accordance With EU Standards

BitPanda, a popular cryptocurrency and fintech firm from Vienna, Austria, has recently been granted a license to be a payment service provider from the financial regulator of its country. It is a very recent development that marks a step forward for this Viennese crypto firm as far as regulation is concerned.

BitPanda Payments GmbH has been issued this licence by the Financial Market Authority or the FMA of Austria. The newly granted license has been given to the firm in adherence with the Payment Services Directive 2 or PSD2 of the European Union itself. It is no secret that the European Union has been making several determined efforts to foster the growth of the crypto industry within its jurisdiction and this latest instance of bringing a crypto firm within the blanket of regulatory approval definitely adds to its efforts for the same.

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This PSD2 rules have been in force since the month of January, last year. These represented the revised rules meant to regulate payment service providers, including both traditional financial institutions as well as firms and entities dealing with fintech offerings. The regulations under PSD2 apply to all institutions of these kinds across the European Economic Area (EEA) and the EU.

BitPanda came out with a press release on the 4th of April to talk about how the new license will enable it to expand on its existing business model. They are also expected to start offering some fresh payment solutions besides its existing crypto-related services.

Philipp Bohrn, one of the two managing directors of the fintech firm made the following statement about this new development:

“Our goal is to bridge the gap between the modern and traditional financial world. The payment service provider license will allow us to tear barriers down.”

BitPanda CEO, Eric Demuth echoed the sentiments of his colleague and added:

“We are very happy that Bitpanda is one of the few European cryptocurrency fintechs to receive such a license. It’s a big step towards our vision to create an open, innovative investment platform.”