Bitvavo has secured a milestone in its European
expansion strategy. The Austrian Financial Market Authority has granted the
Dutch cryptocurrency exchange authorization to operate as a virtual asset
service provider, allowing it to extend its offerings into Austria.
Building on its success in the Benelux region and an
earlier approval in Italy, Bitvavo’s entry into Austria is part of its commitment
to navigate the regulations of the European crypto market. Currently, the
crypto platform has a pending application with the German Financial Supervisory
Authority (BaFin).
According to a report by Fintelegraph, Bitvavo aims
to become the go-to regulated crypto exchange in Europe, focusing on the DACH
region. The company is leveraging on its expansion in the Benelux region,
fueled by features like a user-friendly platform and a diverse range of over 200
cryptocurrencies , to position itself in the Austrian market.
We received regulatory approval as a Virtual Asset Service Provider from the Austrian Financial Market Authority 🇦🇹
This represents another step in our European expansion, allowing us to offer a wide range of crypto products and services to the Austrian community.@FMA_AT pic.twitter.com/Awzizb9SqM
— Bitvavo (@bitvavocom) November 13, 2023
Meanwhile, the Rotterdam court declared supervisory costs imposed on Dutch crypto firms, including Bitvavo and Commerce, in August
as unlawful. This decision, which was made in 2021, carried potential
implications for cryptocurrency oversight in the Netherlands and set a
precedent for other companies facing regulatory challenges.
Bitvavo and Coinmerce, the successor to Binance in
the Netherlands, partially won in its ongoing legal tussle against the Dutch
regulator, who imposed approximately $2.3 million in fees.
Navigating Challenges in the Crypto Landscape
Besides that, Bitvavo expects to reclaim between 80%
to 100% of the €280 million owed by Digital Currency Group (DCG), Finance
Magnates reported early this year. This follows an in-principle agreement
reached by DCG-owned crypto lender Genesis with its creditors on a
restructuring plan.
Bitvavo anticipates the refund for its clients’
assets to be delivered in various forms, including cash, digital assets, and
convertible preferred equity notes in DCG. The bankruptcy filing of Genesis,
triggered by exposure to collapsing crypto firms in the preceding year, sent
ripples through the cryptocurrency market.
The Netherlands has maintained a stringent
regulatory stance on cryptocurrency firms, resulting in substantial fines for
major exchanges like Coinbase and Binance. The court’s recent decision
challenges the regulatory overreach, signaling a potential shift in how the
government oversees the crypto industry.
Bitvavo has secured a milestone in its European
expansion strategy. The Austrian Financial Market Authority has granted the
Dutch cryptocurrency exchange authorization to operate as a virtual asset
service provider, allowing it to extend its offerings into Austria.
Building on its success in the Benelux region and an
earlier approval in Italy, Bitvavo’s entry into Austria is part of its commitment
to navigate the regulations of the European crypto market. Currently, the
crypto platform has a pending application with the German Financial Supervisory
Authority (BaFin).
According to a report by Fintelegraph, Bitvavo aims
to become the go-to regulated crypto exchange in Europe, focusing on the DACH
region. The company is leveraging on its expansion in the Benelux region,
fueled by features like a user-friendly platform and a diverse range of over 200
cryptocurrencies , to position itself in the Austrian market.
We received regulatory approval as a Virtual Asset Service Provider from the Austrian Financial Market Authority 🇦🇹
This represents another step in our European expansion, allowing us to offer a wide range of crypto products and services to the Austrian community.@FMA_AT pic.twitter.com/Awzizb9SqM
— Bitvavo (@bitvavocom) November 13, 2023
Meanwhile, the Rotterdam court declared supervisory costs imposed on Dutch crypto firms, including Bitvavo and Commerce, in August
as unlawful. This decision, which was made in 2021, carried potential
implications for cryptocurrency oversight in the Netherlands and set a
precedent for other companies facing regulatory challenges.
Bitvavo and Coinmerce, the successor to Binance in
the Netherlands, partially won in its ongoing legal tussle against the Dutch
regulator, who imposed approximately $2.3 million in fees.
Navigating Challenges in the Crypto Landscape
Besides that, Bitvavo expects to reclaim between 80%
to 100% of the €280 million owed by Digital Currency Group (DCG), Finance
Magnates reported early this year. This follows an in-principle agreement
reached by DCG-owned crypto lender Genesis with its creditors on a
restructuring plan.
Bitvavo anticipates the refund for its clients’
assets to be delivered in various forms, including cash, digital assets, and
convertible preferred equity notes in DCG. The bankruptcy filing of Genesis,
triggered by exposure to collapsing crypto firms in the preceding year, sent
ripples through the cryptocurrency market.
The Netherlands has maintained a stringent
regulatory stance on cryptocurrency firms, resulting in substantial fines for
major exchanges like Coinbase and Binance. The court’s recent decision
challenges the regulatory overreach, signaling a potential shift in how the
government oversees the crypto industry.