European cryptocurrency platform Bitpanda has secured a Markets in Crypto Assets Regulation (MiCAR) licence from the German regulator BaFin.

The move will enable the Vienna-headquartered firm to expand its services, including both retail and institutional services, to all 27 EU member states under a unified regulatory framework.

The company said that the MiCAR licence reduces complexity and costs whilst allowing Bitpanda to scale its operations.

Bitpanda said it has a proactive approach to regulation with around 17 existing licences including a PSD2 E-money licence and a MiFID II licence.

Eric Demuth, co-founder and chief executive of Bitpanda said the licence would set a new standard for the crypto industry and encourage secure and regulated services in Europe.

"This licence has immediate validity - unlike in-principle licences announced by other crypto platforms which are neither valid nor exist at all,” he added. “This milestone enables us to bring easy and safe investing to over 450 million people, unlocking unparalleled growth potential in a market we're ready to fully conquer."

In September last year, Bitpanda announced that it had partnered with Société Générale to accelerate the adoption of digital assets, aiming to make crypto a core component of the global financial system.

The partnership with the French bank aims to leverage Bitpanda’s user base and trading platform to provide European investors with access to a stable, secure, and accessible digital currency.

---