The news that Bitpanda has obtained a cryptocurrency custody license from the German financial organization known as BaFin was published in a post on the company’s official blog, where the announcement was made.

Following the acquisition of this license, the Austrian-based cryptocurrency exchange is now legally allowed to market its services to individuals located in Germany.

In addition to this, Bitpanda said that they were the first retail bitcoin exchange to be founded in Europe to achieve this particular distinction.

As a direct consequence of the collapse of the FTX cryptocurrency exchange, people are paying more attention to cryptocurrency exchanges that have no rules and operate outside of a country’s jurisdiction.

Because of this, a significant number of exchangers are working towards obtaining licenses in various nations so that they can prove that they are a trustworthy business.

Bitpanda is now legally regulated in the country of Sweden, joining the ranks of other countries such as Austria, the United Kingdom, Italy, the Czech Republic, and Spain. The number of countries in which Bitpanda is legally regulated has increased with the acquisition of this new license.

In the bitcoin sector, there were already four other companies that had the license before Coinbase, Kapilendo, Tangany and Upvest were able to obtain it themselves.

Bitpanda claims that it is the first “European” retail bitcoin platform to acquire the license, as it is based in Austria. This is because Austria is considered part of Europe.

Since the FTX collapse, the topic of how to license and govern cryptocurrency exchanges has been at the forefront of the public conversation. Specifically, the question is whether or not cryptocurrency exchanges are required to be licensed.

According to Jon Cunliffe, deputy governor of the Bank of England, the BoE plans to set up a “regulatory sandbox” to establish how to successfully supervise exchanges to figure out how to properly supervise them. Additionally, the United States Senate has begun holding hearings to study efficient methods to regulate cryptocurrency exchanges. These hearings are being held as part of an ongoing investigation.