Bitget and BitPanda Receive Crypto License in Seychelles and Germany Respectively

Crypto exchange, Bitget, registers in Seychelles while eyeing global expansion. The Austrian crypto exchange, BitPanda, can now offer custody and proprietary trading services to customers in Germany.

In an effort to grow its services, Bitget has obtained a crypto license in Seychelles. The exchange, which is currently located in the Seychelles, said last week that it had begun operating in Brazil and would let customers buy cryptocurrencies in Brazilian reals. 

Bitget said earlier this year that it intended to hire 1,000 more people before the end of the year. By the first quarter of 2019, the exchange is now aiming to increase its staff from 800 at present to 1,200. This is an update to its original plan.

The Seychelles registration is under the 2016 International Business Companies Act. According to Bitget’s expansion roadmap, more regional hubs will be established.

BitPanda Also Receives Crypto License in Germany 

Bitpanda, an Austrian exchange, said on Tuesday that its local branch has acquired a cryptocurrency license in Germany. Bitpanda Asset Management GmbH claimed in a news release that it may now independently offer crypto custody as well as proprietary trading for crypto assets for German citizens thanks to the license from the German Federal Financial Supervisory Authority (BaFin).

BitPanda also added that it will be able to maintain an order book and directly market services for crypto assets, enabling them to provide a secure and regulated environment for German customers to invest in a wide range of cryptocurrencies.

Global regulators are keeping a careful eye on the cryptocurrency market as it recovers from the collapse of the largest cryptocurrency exchange, FTX. The European Union, which includes Germany, has completed a thorough framework for regulating cryptocurrency issuers and service providers seeking to operate in any of the 27 member nations of the trade union.

Bitpanda, which became Austria’s first fintech unicorn last year, has received regulatory approval in a number of European countries including Austria, France, Italy, Spain, the U.K., Czech Republic and Sweden.