Bitpanda, a European Crypto Unicorn, is now Regulated in Spain
With the expansion, Bitpanda users will be able to buy and sell seven different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), using euros. The company said it plans to add more assets in the future.
Bitpanda is not the first crypto exchange to launch in Spain. In February, Binance announced that it was opening a fiat-to-crypto exchange in the country through a partnership with local start-up Panda Group. And last month, U.S.-based Coinbase launched its own platform for buying and selling cryptocurrencies in Spain.
The Spanish market presents an opportunity for growth for cryptocurrency exchanges, as the country has a population of over 46 million people. Moreover, Spain is one of the European Union’s top five economies, with a gross domestic product of more than $1.2 trillion in 2020.
The Bank of Spain has been open to crypto service providers since October 2021. Spanish crypto exchange Bit2Me became the first company to be added to the registry in February this year.
The Bank of Spain wants to make sure that crypto service providers are providing quality services and products to their customers. They also want to make sure that these companies are following all the rules and regulations set by the government.
The goal of the EU MiCA bill is to create a more unified approach to regulating the crypto industry within the bloc. The idea is that by allowing companies that are already regulated in one EU country to operate in others, it will make it easier for those firms to comply with the various rules and regulations that exist across the bloc. This, in turn, should make it easier for consumers and investors to understand what they are buying into and help to protect them from scams and other risks.
There are still some details that need to be worked out, such as how exactly these companies will be able to prove they are compliant with MiCA, but the overall direction is clear. The EU wants to create a level playing field for crypto companies operating within its borders, and this license system appears to be a step in that direction.
It remains to be seen how successful this system will be in practice, but it is an interesting development nonetheless. It will be worth watching to see how this plays out over the next few years as more countries begin to implement their own regulations around cryptocurrencies.