The Vienna-based crypto exchange, Bitpanda has secured a virtual asset service provider (VASP) license in Norway as it continues its expansion in Europe. With the addition of Norway to its list of regulated markets, Bitpanda has strengthened its presence in the region. Presently, the company holds licenses in Austria, Germany, Czechia, France, and Sweden.

In a statement posted on X (formerly known as Twitter), the company said: "We're very excited to announce that we've become the first non-local firm to be granted a VASP license in Norway. This latest license further solidifies our position as Europe's most regulated broker and will allow us to bring safe and secure digital assets trading to millions of new customers."

BitPanda Navigates Crypto Regulations in Norway

Notably, this licensing achievement in Norway is significant because the country stands outside the European Union. In May, the central bank of Norway indicated that it might not rely on the pan-EU Markets in Crypto-Assets (MiCA) regulation, saying it was inadequate for its specific regulatory needs, Cointelegraph reported.

Hei På Deg Norway!
We’re very excited to announce that we’ve become the first non-local firm to be granted a VASP licence in Norway. This latest licence further solidifies our position as Europe’s most regulated broker and will allow us to bring safe and secure digital assets… pic.twitter.com/jIVAMd1QxB

— Bitpanda (@Bitpanda_global) October 19, 2023

BitPanda has been consistent in its efforts to obtain regulatory licenses in Europe. In Germany, the company registered as a crypto custody service and proprietary trading provider last year. Its local branch, Bitpanda Asset Management GmbH, enables the crypto exchange to offer services to German traders and investors, further diversifying its services.

Additionally, Bitpanda expanded its reach and regulatory standing by obtaining a crypto license in Spain last year. Its entry into the Spanish market occurred when several cryptocurrency exchanges were making concerted efforts to secure regulatory licenses in Europe. The move into the Spanish crypto market was announced by the Bank of Spain.

Expanding Crypto Services in Europe

Bitpanda's global influence extends beyond Europe. Last year, the company entered the United Kingdom by acquiring Trustology, a regulated institutional cryptocurrency custodian wallet provider. This acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term involved rebranding Trustology to Bitpanda Custody. It enabled the company to strengthen its plans to expand crypto brokerage services into new areas.

However, this move attracted regulatory attention, as the Financial Conduct Authority (FCA) issued a warning, expressing its vigilance over the acquisition. The FCA noted that since Trustology was registered under Money Laundering Regulations, the regulator cannot assess compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with the platform's services under the new ownership, Finance Magnates reported.