Fun

Europe’s largest banks are moving into crypto thanks to regulations — Bitpanda

News Feed - 2024-04-23 07:04:11

Zoltan Vardai13 hours agoEurope’s largest banks are moving into crypto thanks to regulations — BitpandaSome of Europe’s largest banks are developing crypto solutions thanks to the regulatory clarity provided by the MiCA framework.1395 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSome of the European Union’s largest banks are looking to enter the crypto industry as a result of clarity offered by the bloc’s adoption of the Markets in Crypto-Assets Regulation (MiCA).


Lukas Enzersdorfer-Konrad, the deputy CEO of Bitpanda, told Cointelegraph:“European banks are moving into crypto as an asset class and tokenization technology because MiCA, the upcoming regulatory framework for Europe, is suddenly bringing full clarity for banks.”


In May 2023, the European Council adopted the first comprehensive legal framework for the crypto industry. The MiCA framework aims to protect investors through more rigorous transparency standards and Anti-Money Laundering (AML) rules.


Thanks to gaining regulatory clarity for the first time, European banks are more confident in developing crypto services but lack the technical knowledge and infrastructure, which is why they are tapping crypto services providers such as Bitpanda.  According to Enzersdorfer-Konrad:“Suddenly [banks] are realizing that they do not have the technical expertise, the knowledge internally because they didn’t have time and investment to build it up, but suddenly they want something to go to market with.”


Raiffeisen, the largest community banking group in Austria, has partnered with Bitpanda to offer digital asset services to retail banking customers, while other major banks are looking to develop corporate crypto services.


Beyond the MiCA bill, the approval of the first spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States has also acted as a strong catalyst for institutional interest, which is reflected across the biggest European banks, said Enzersdorfer-Konrad.“Across all Europe, all sizes of banks, from tier one to tier three, are clearly looking for [crypto service] providers and use cases about how to start.”


Last week, Germany’s largest federal bank, the Landesbank Baden-Württemberg (LBBW), announced it will offer crypto custody services to institutional clients starting in the second half the year. The bank is leveraging Bitpanda’s infrastructure to provide custodial service.


Some of Germany’s largest corporations, which are LBBW’s clients, were already been holding crypto assets before the bank started exploring custodial solutions, according to Bitpanda’s deputy CEO.“In discussions with the relationship managers, [LBBW] realized that their corporate customers already partially hold crypto and Bitcoin on their balance sheet.”


Due to increasing corporate interest, banks like LBBW are pivoting towards offering crypto custody solutions, given that the public has already trusted financial institutions to hold their fiat money and precious metals, explained Enzersdorfer-Konrad.Cointelegraph Interview with Lukas Enzersdorfer-Konrad. Source: Cointelegraph


Related:EigenLayer on the brink of potential yield crisis# Banks# Europe# Adoption# Bitcoin AdoptionAdd reaction

News Feed

Stablecoin Market Cap Slides, BUSD and DAI Valuations Jump, Fiat Tokens Represent 70% of All Crypto Trades
Stablecoin Market Cap Slides, BUSD and DAI Valuations Jump, Fiat Tokens Represent 70% of All Crypto Trades During the last month, the stablecoin economy’s market valuation d
Amaka Nwaokocha12 hours agoBinance starts BTC/FDUSD and ETH/FDUSD trading pairs with zero-feesUsers can trade ETH/FDUSD with zero maker fee, while the standard taker fee will apply based on the user’s VIP level.3530 To
Kazakhstan Shuts Down Over 100 Crypto Mining Farms
Kazakhstan Shuts Down Over 100 Crypto Mining Farms More than 100 crypto farms in Kazakhstan have terminated operations as a result of ongoing inspections of the mining sector. Auth
The Gift of NFTs: Why You Should Consider Buying an NFT for Your Loved Ones This Holiday Season
The Gift of NFTs: Why You Should Consider Buying an NFT for Your Loved Ones This Holiday Season 2021 is coming to an end and the new year is just around the corner. If you’v
Prashant Jha11 hours agoBinance withdraws crypto license application in GermanyThe crypto exchange’s move to withdraw its license in Germany comes amid reports that the exchange faced rejection from regulators.8451 Tot
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Satu
XRP At Make-Or-Break Technical Zone, Crypto Analyst Warns
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bybit crypto exchange launches trading platform in the Netherlands
Helen Partz11 hours agoBybit crypto exchange launches trading platform in the NetherlandsMajor global crypto exchange Bybit announced the launch of Bybit.nl as a new regulated crypto trading platform in the Netherlands.3
Bitcoin Advanced NVT Shows No Signs Of Slowing Bullish Momentum – Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
1 Cent per Kilowatt-Hour: China’s Sichuan Province Encourages Hydro-Powered Bitcoin Mining
1 Cent per Kilowatt-Hour: China"s Sichuan Province Encourages Hydro-Powered Bitcoin MiningThe local government of Ya’an city, in China’s Sichuan province, has announced
Sensorium Galaxy Building the Mecca of Electronic Dance Music in Virtual Reality
Sensorium Galaxy Building the Mecca of Electronic Dance Music in Virtual RealitySensorium strikes a landmark partnership with the creative force behind Ibiza’s hottest nightli
BHEX Rebranded as HBTC Exchange & Launch Innovative HBC 10x PE Repurchase Plan
BHEX Rebranded as HBTC Exchange & Launch Innovative HBC 10x PE Repurchase Plan BHEX has rebranded as HBTC Exchange with a new domain of HBTC.com. According to the sharing from James