Austrian cryptocurrency platform Bitpanda is expanding its presence in the United Kingdom after securing approval from the Financial Conduct Authority (FCA) to offer more than 500 crypto assets, including staking and investment services.
Regulation and Innovation: Bitpanda in the UK
Bitpanda secured FCA approval, allowing it to offer more than 500 crypto assets to UK investors. Deputy CEO Lukas Enzersdorfer-Konrad mentioned that this is the broadest range available in the UK. Additionally, the company will provide staking services, savings plans, and crypto indexes.
Halting New User Onboarding in 2023
Bitpanda's expansion in the UK is a significant step for the company after it temporarily halted onboarding new users in 2023. This decision was in response to the FCA's stricter crypto marketing rules imposed in October 2023. Since the changes, existing customers have been able to continue using their accounts.
Impact of the European Market on Bitpanda's UK Offerings
FCA approval in the UK followed Bitpanda securing a license under the European Union's MiCA framework, allowing it to operate in all 27 EU member states under a unified regime. Bitpanda's UK offerings will align with those in Europe. The firm does not plan to list UK-specific coins and will not offer USDt tokens to clients.
Bitpanda's expansion in the UK after receiving FCA approval is a significant development, solidifying its position as a leading cryptocurrency service provider in Europe. It also highlights the importance of adhering to international standards for successful global market integration.
