Bitnovo, one of the most known companies within the payment gateway segment in Europe, has obtained a license to operate in the Netherlands.
The financial authority of the Netherlands known as De Nederlandsche Bank, DNB, has granted Bitnovo a license to operate under the Virtual Assets Provider registry.
Aitor Ibarrola, the Chief Operating Officer of Bitnovo, explained that the authorization obtained is a significant step for the company’s expansion in Europe, emphasizing that large companies like Binance have not obtained this type of license.
In November of last year, the company obtained authorization to operate in France, and the authorization obtained in the Netherlands is part of the company’s expansion plan in the European continent, currently being highlighted as one of the main crypto companies in Spain.
In this sense, we will see how Bitnovo is positioning itself as one of the leading crypto payment gateways in the European region.
Crypto adoption rises in the Netherlands
Over the last few years, the adoption of cryptocurrencies in the Netherlands has grown rapidly, according to a recent report by Chainalysis, the country positions itself as one of the leaders in crypto adoption on the European continent.
According to data provided by Statista, the crypto market in the Netherlands is expected to reach US$880.3m by 2028, growing at an annual compound rate of 6.88%.
There are various factors behind the growth of the crypto market in the country, such as a favorable legal environment for the development of the crypto market, and a sector of entrepreneurs with a developed economy behind them favoring the expansion of the crypto industry in the country.
Another of the main factors behind the crypto adoption in the country is the low interest rates on savings accounts and dissatisfaction with negative interest rates has motivated investors to seek alternatives in the crypto market.
