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Bitcoin [BTC]: Cryptocurrency retail broker, Bitpanda gains Payment Service Provider license

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Bitpanda, a leading retail broker for buying and selling cryptocurrencies in Europe, announced the receipt of a Payment Service Provider license, via an official blog post.

The retail broker also broke the news on Twitter, stating,

“We’re excited to announce Bitpanda has been granted a European PSD2 payment service provider license! What does that mean? We can launch new and innovative features we’ve been planning […]”

Bitpanda will be one of the few platforms in the cryptocurrency space to receive the payment service provider license, issued by the Australian financial market authority [FMA], according to the European PSD2 law.

PSD2 here, stands for Payment Services Directive 2, a directive by the European Union which is supervised by the European Commission. This directive regulates all payment services and payment service providers throughout the European Union and European Economic Area [EEA].

The main purpose of this directive is to increase participation and competition among European Union members in the payments system. This is achieved by allowing banks and non-banks to actively take part in the European payments market, while ensuring customers’ rights and protections.

The platform considered this approval a “significant milestone,” as it would enable them to launch “exciting features and products.” Further, the license would also allow the company to diversify its business model, which in turn, would play a key role in achieving their goal of connecting traditional finance with “the new finance world.”

DecFromBitpanda on Reddit stated,

“What does this mean for us and the industry? Well, we are one of the few European cryptocurrency fintechs to receive such a license and it allows us to offer even more innovative products and services – we can begin to connect the world of cryptocurrency and payments.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
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LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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