Nikolas Sargeant
Bitpanda, the European cryptocurrency exchange, strengthens its presence in Austria through a strategic partnership with Raiffeisen Bank's Vienna-based unit. This collaboration aims to provide cryptocurrency services to customers across 55 bank branches throughout the country.
In a significant move signaling its global expansion, Bitpanda recently announced the opening of its Dubai office, marking its debut venture outside of Europe. This expansion underscores Bitpanda's commitment to reaching a broader international audience.
Regulatory clarity is crucial for the growth of the cryptocurrency industry, and jurisdictions offering such stability naturally attract businesses. In Europe, the impending implementation of the Market in Crypto Assets (MiCA) regime in 2025 promises a clear regulatory framework. Similarly, the United Arab Emirates (UAE) has positioned itself as a leader in this regard with its Virtual Assets Regulatory Authority (VARA).
Lukas Konrad, Bitpanda’s deputy CEO, highlights the positive impact of regulatory clarity on adoption rates. The partnership with Raiffeisen, initiated several months ago in Vienna, has witnessed a notable adoption rate of 10%. Konrad notes that European Union's regulatory promise has facilitated this growth, with investors primarily purchasing large-cap cryptocurrencies such as Bitcoin and Ethereum tokens.
Konrad emphasizes the advantages Europe and the UAE hold over regions lacking regulatory clarity, such as the United States. He attributes hesitancy among entities like banks in the U.S. to the absence of a clear regulatory framework, contrasting this with the favorable environment in the UAE.
