Bitnovo, a prominent player in the payment gateway sector in Europe, has secured a license to operate in the Netherlands.

The Dutch financial authority, De Nederlandsche Bank (DNB), has officially granted Bitnovo the license to function within the Virtual Assets Provider registry.

A significant milestone for Bitnovo’s European expansion, as highlighted by Aitor Ibarrola, the Chief Operating Officer of the company. He pointed out that even major entities like Binance have not acquired a similar license.

Having previously obtained operating authorization in France last November, Bitnovo’s latest approval in the Netherlands aligns with its strategic growth initiatives across the European continent. The company is currently recognized as a key player in the crypto landscape in Spain.

Bitnovo’s positioning as a leading crypto payment gateway in Europe is becoming increasingly apparent.

Increasing Crypto Adoption in the Netherlands

Recent reports from Chainalysis indicate a substantial rise in cryptocurrency adoption in the Netherlands over the past few years. The country stands out as a frontrunner in crypto adoption within Europe.

Statista projects that the Dutch crypto market is poised to reach US$880.3 million by 2028, with an estimated annual growth rate of 6.88%.

Several factors contribute to the flourishing crypto market in the Netherlands, including a supportive regulatory environment and a cohort of entrepreneurial individuals backed by a robust economy, fostering the industry’s growth.

Moreover, the prevailing low interest rates on traditional savings accounts coupled with dissatisfaction over negative interest rates have incentivized investors to explore opportunities within the crypto sphere.