Bitnovo, a well-recognized European player in the payment gateway industry, has been granted permission to conduct business in the Netherlands.
In simpler terms, the Dutch financial regulatory body, De Nederlandsche Bank (DNB), has approved licensing for Bitnovo to function within their Virtual Assets Providers registry.
Aitor Ibarrola, COO of Bitnovo, shared that securing this authorization marks a major milestone for the company’s European growth. He noted that bigger firms such as Binance have yet to achieve this licensure.
Last November, the company was given permission to start operations in France. The approval they received in the Netherlands is part of their larger strategy to grow in Europe, with Spain being a key focus and the company currently making headlines as one of the leading crypto companies in that country.
In this context, Bitnovo is establishing itself as a major player among European crypto payment processors.
Crypto adoption rises in the Netherlands
In recent years, the use of cryptocurrencies in the Netherlands has significantly increased, as indicated in a new report by Chainalysis. This puts the Netherlands among the top countries in Europe for cryptocurrency adoption.
Based on Statista’s data, the Dutch crypto market is projected to expand to approximately US$880.3 million by the year 2028. This growth is anticipated to occur at a yearly rate of 6.88% on average.
In simpler terms, several elements contribute to the crypto market’s expansion in the country. A supportive regulatory framework and an established business community eager to promote the crypto industry are among these factors.
One significant reason why cryptocurrencies have gained popularity in the nation is due to the meager returns on traditional savings accounts. Furthermore, the disappointment of dealing with negative interest rates has driven investors towards exploring opportunities in the crypto market as an alternative.
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2024-04-18 10:12