FCA approval is mandatory for crypto firms in the UK
BitPanda is working to expand its business out of Austria
Last month it secured its MiCA licence in Germany
The UK is planning to finalise its crypto laws by 2026
Photo Credit: Pixabay/ Butti_s
Austria-based crypto exchange BitPanda has received regulatory approval from the UK's Financial Conduct Authority (FCA) to operate in the country. The Vienna-headquartered firm announced on Wednesday, February 12, that it is now authorised to offer crypto-related services to British investors. To secure FCA approval, BitPanda has aligned its operations with the UK's anti-money laundering and counter-terrorist financing regulations. This registration also allows the exchange to advertise its services in the UK, provided it adheres to specific guidelines, including the inclusion of financial risk disclaimers.
The exchange is set to introduce a range of services in the UK, including a crypto-based savings strategy. Explaining this feature, BitPanda said that this feature will allow users to automate asset purchases on a weekly, biweekly, or monthly basis, helping them build a long-term savings reserve.
Commenting on the development, BitPanda CEO Eric Demuth stated, “over the next month, we'll be gearing up to bring our best-in-class investment platform to the UK market.”
Launched in 2019, the exchange claims it presently caters to over six million customers. Earlier this January, it also completed MiCA registrations in the EU region through Germany's Federal Financial Supervisory Authority (BaFin) as part of its global expansion plans.
As per the FCA records, the exchange has secured an office address in London to head its UK operations. Moving forward, the exchange is looking to work with UK's banks, financial institutions, and other crypto firms to integrate its ‘regulated infrastructure' into their services.
“Through Bitpanda Technology Solutions (BTS), major banks and fintechs in the UK can seamlessly offer crypto trading, investment, and custody services with full regulatory oversight,” the exchange noted.
The UK has set a deadline of 2026 to finalise its crypto legislation. The FCA is overseeing the process of formulating regulations that would allow Web3 businesses to grow in the UK while ensuring the safety of its finances and investors against crypto-related risks and volatility.
Earlier this month, US-based Coinbase also acquired the licence of a Virtual Asset Service Provider (VASP) by the FCA in the UK.
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