Austria Introduces Crypto to the Public

Austria Introduces Crypto to the Public

Austria has strengthened its Postal system. Now an Austrian can buy crypto like Ethereum, Bitcoin, IOTA, Litecoin, Komodo, Ripple, Dash and Bitcoin Cash in over 400 post office branches across Austria. In addition to this, 1,300 post partners are selling cryptos through Bitpanda which is one of Europe’s leading retail exchanges for selling and purchasing cryptos.

Vienna-based Bitpanda has launched a new initiative. Bitpanda to go allows its users to enter their postal codes to find the nearest branch. In Vienna alone, there are 240 locations and there are 176 locations in Linz. Purchases can be made in three denominations: 50€, 100€ and 500€.

High representatives of the Austrian Financial Market Authority (FMA), Klaus Kumpfmüller and Helmut Ettl, plan to introduce strict cryptocurrency and ICOs regulations. In order to purchase and sell foreign currency, a license is required as per the current Austrian laws. However, Crypto traders are exempt from them and Mr. Ettl believes it is disproportionate.

The agency will regulate the cryptocurrency market and introduce rules which are applicable to securities.

The authorities in Austria will implement a “threshold” prospectus requirement for token ICOs. “A minimum threshold of two million euros would be reasonable”, says Klaus Kumpfmüller. After that, a prospectus obligation should apply.

Using the new initiative launched by Bitpanda, users need an email address to purchase their preferred crypto with cash at any post office branch in Austria. The crypto is then sent directly to an integrated wallet.

The Austrian postal service is working towards expanding the financial services for its users to maintain strong earnings and remain relevant. They have also developed a “close-knit network of postal service points” that have developed a competitive advantage at a time when post offices are planning to expand into other verticals as well. The launch is also directing crypto towards mainstream adoption.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.