DeutschUnlike its neighbor Germany, which continues to struggle with the economic and political recognition of digital currencies such as Bitcoin or Litecoin, Austria is already significantly further ahead in several respects. For years, new crypto startups have been gradually emerging in the country, which in some cases are setting important signals for the crypto market, not only in Europe. An important indication of the increasing acceptance in the Alpine republic is, without question, the increasing number of crypto ATMs. Current statistics show that there are almost 200 Bitcoin ATMs spread across the country, although of course other digital currencies such as Ethereum or Litecoin can also be purchased at the terminal in many places.
Germany can, at least so far, only dream of such an ATM supply. As expected, most ATMs for crypto purchases in Austria are located in or around metropolises such as Vienna or Salzburg. All in all, the development is extremely pleasing from an investor’s perspective.
Buying Bitcoin – Conveniently Possible at the Post Office in Austria
When authorities get involved in the market and recognize the needs of citizens, this is normally a special indication of the establishment of new products and services. And Austria has done a lot in this area in recent years. In the spring of 2019, the Austrian Post even took the next logical step, so to speak. Together with the company Kurant GmbH, the Post launched a test run. Since then, customers have been able to buy Bitcoin at the ATM and also sell it via their own wallet in (initially in three selected) branches. Initially, the locations Bregenz, Linz and Salzburg were chosen as the project base for the BTC ATMs. A network expansion was planned from the beginning. These measures were an important aspect so that more trust in digital currencies could be created and continue to be created in the country as a whole.
Users of the ATMs are not granted any price advantages, and the fees at the ATM are often higher than online via exchanges. However, crypto fans in the country still appreciate the greater flexibility.
Blockchain-based Stamps as a Marketing Effect
A project with a signal effect for the Austrian crypto industry was also the issue of a special Ethereum stamp, which the Post decided on in the summer of 2019. The technical basis of the so-called “Crypto Stamp” was of course the blockchain, and the emission in turn was strictly limited for the time being. However, the company held out the prospect of further issues of digital stamps in the event of success. According to company statements, it was the first crypto stamp worldwide. In mid-2018, the Post had also already let its own openness shine through when reports became public that Post customers could soon buy IOTA Coins in Post branches. Since the summer of 2019, the well-known mobile phone provider A1 Telekom Austria Group has been allowing invoice payments in Bitcoin, Dash and three other tokens via a subsidiary in cooperation with the service provider Salamantex. This also reflects the increasing confidence in cryptocurrencies.
Registration Requirement not Only Meets with Approval
In late summer, news from the environment of the Financial Market Authority of Austria was received with mixed feelings. The authority announced that all crypto and blockchain companies will be required to register from the coming year 2020. Of course, this does not only affect startups that are newly entering the market. The registration requirement will also apply to established companies. The FMA names January 10, 2020 as the relevant cut-off date for the introduction of the new reporting requirement. Ultimately, the state is thus implementing applicable European Union law in the fight against money laundering. However, Austria’s supervisory authority seems to be working somewhat faster than many other EU states. Germany, for example, has only been developing a concept for a “Blockchain Strategy” for a good two years. Those responsible reject the concerns that the reporting requirement is primarily intended to bring more control for the state. Rather, the government wants to make the market more transparent for investors and providers in order to defuse security and fraud fears.
Bitpanda – Exchange Conquers not Only Austria’s Crypto Market
If there is one aspect that confirms how progressively Austria treats Bitcoin and Co., it is probably the worldwide recognition of the Viennese company Bitpanda. From the state capital, the Bitcoin exchange began an impressive triumphal march some time ago. In the spring, the company finally received the long-awaited crypto license from FiNMA. This makes Bitpanda a major beacon of hope for other companies that rely technologically on the blockchain, operate wallet services and platforms for ICOs or want to enable private and institutional investors to trade in crypto. In any case, Bitpanda will continue to serve as a kind of ideal image of the successful crypto provider in the country in the coming years.
Part 1: Argentina and Bitcoin
Part 2: China and Bitcoin
Part 3: Russia and Bitcoin
Part 4: Germany and Bitcoin
Part 6: USA and Bitcoin
