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 services to Austria.
Building on its success in the Benelux region and 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.
Bitvavo Targets Europe for Business Growth
According to a report by Fintelegraph, Bitvavo has set its sights on becoming the go-to regulated cryptocurrency exchange in Europe, focusing on the DACH region. With its portfolio of over 200cryptocurrencies, the company has positioned itself for significant expansion 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, in October, the Rotterdam court declared supervisory costs imposed on Dutch crypto firms, including Bitvavo and Coinmerce (the successor to Binance in the Netherlands), as unlawful. This decision, which was made by the regulators in 2021, carried potential implications for cryptocurrency oversight in the Netherlands and set a precedent for other companies facing regulatory challenges.
Bitvavo and Coinmerce secured a partial victory in the ongoing legal tussle against the Dutch regulator, who had imposed approximately $2.3 million in fees.
The Netherlands has maintained a stringent regulatory stance on cryptocurrency firms, resulting in substantial fines against major exchanges. The court's recent decision challenged the regulatory overreach and signaled a potential shift in how the Dutch government oversees the crypto industry.
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, Finance Magnates reported earlier this year. This followed an in-principle agreement reached between DCG-owned crypto lender Genesis and 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 other collapsing crypto firms last year, sent ripples through the cryptocurrency market.
This article was written by Jared Kirui at www.financemagnates.com.
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