The German subsidiary of Crypto Finance and Austria’s Bitpanda cryptocurrency exchange are amongst the first wave of firms to receive MiCAR licenses by BaFin. Crypto Finance is the Deutsche Börse owned crypto exchange headquartered in Switzerland.
The German regulator was slow to start the authorizations as it did not receive regulatory approval from parliament until just before Christmas. That was because of the collapse of the German coalition. Apart from bringing in pan-European crypto standards, MiCAR also allows for passporting, enabling any organization with a MiCAR license to operate in other EU states.
Ten days ago, the Börse Stuttgart was the first to receive a BaFin license. It is one of the most active institutions in the crypto space in Germany. In 2019 it launched a retail crypto service with Axel Springer. On the institutional side, it is the crypto partner of DZ bank, which is starting to roll out crypto services to its 700-plus community banks it serves.
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