Key takeaways
- MiCAR authorisation protects how a provider behaves: its conduct, governance, complaints handling and the way it holds client assets.
- It does not protect the price. Crypto-assets can fall sharply, and authorisation is not a promise of returns or of a refund after a loss.
- Crypto-assets are not bank deposits, so the protection you may know from a bank account does not describe a crypto balance.
- Authorisation is granted service by service to a named legal entity. Check the entity and the service letters, not the brand.
- This site is for EU and EEA residents. UAE residents are served by other Bitpanda companies.
The short answer
MiCAR authorisation protects the way a provider runs its business: how it treats clients, discloses costs, manages conflicts, handles complaints and keeps client assets apart from its own. It does not protect against a fall in the price of a crypto-asset, and it is not a guarantee that a provider will never fail. Both halves matter when you choose a provider.
MiCAR is the shorthand this site uses for the EU's Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114, also written MiCA. A provider that wants to offer crypto-asset services in the EU needs authorisation from a national authority. For Bitpanda GmbH that authority is the Austrian Financial Market Authority (FMA), and the company is also registered with Germany's BaFin (BaFin-ID 10159692).
What authorisation does cover
Authorisation is a licence to carry out named services under rules, and the rules are the protection. The table sets the main areas against the articles of the regulation that govern them.
| Area | What the rules require | Where to read it |
|---|---|---|
| Conduct | Act honestly, fairly and professionally in the best interests of clients, and publish pricing, cost and fee policies | Article 66 |
| Conflicts of interest | Identify, prevent, manage and disclose conflicts | Article 72 |
| Safekeeping | Arrangements to safeguard clients' ownership rights, especially on insolvency, and no use of client coins for the firm's own account | Articles 70 and 75 |
| Pricing and execution | A published firm price or pricing method, and the best possible result when executing client orders | Articles 77 and 78 |
| Complaints | A procedure for handling client complaints | Article 71 |
| Supervision | The provider sits under a named national authority and appears in a public register | ESMA interim MiCA register |
Two points follow from the table. First, these are duties on the provider, enforced by a supervisor. They give you a standard to hold the firm to and a body to complain to. Second, the safekeeping rules protect your ownership of the coins, not their value. The guide on how a broker differs from an exchange explains why custody is a separate service from trading.
What authorisation does not cover
The limits are as important as the protections, and the site's own legal notice states the main one: authorisation under MiCAR does not protect you against a fall in prices.
Price risk
MiCAR regulates providers, not markets. It cannot stop Bitcoin or any other crypto-asset from losing value, and it does not oblige anyone to make good a loss caused by the market. You could lose some or all of the money you invest.
Not a bank deposit
Crypto-assets are not bank deposits. A balance at a crypto-asset service provider is a claim about assets held for you, and it should not be read as insured cash in a bank account. The FAQ and the legal notice on each page repeat this distinction.
Not an endorsement
A supervisor authorising a firm is not recommending it, and not vouching for any crypto-asset it offers. Authorisation also does not make a product suitable for you. Whether to invest is a decision about your own finances, and nothing in this guide is investment advice.
Not a guarantee of solvency
The rules reduce the chance that client assets are lost if a provider fails, and require safeguarding arrangements for that case. They cannot guarantee an outcome in every failure, and this guide does not claim that they do.
The licence is narrower than the brand
A MiCAR authorisation names one legal entity and the specific services it may provide. For this site, the entity is Bitpanda GmbH, a company registered in Vienna under commercial register number 569240v, authorised by the FMA on 9 April 2025 as a crypto-asset service provider.
The wider group is made up of separately licensed companies, and the legal notice sets out which does what:
- Crypto-assets: Bitpanda GmbH, authorised under MiCAR by the FMA.
- Stocks and ETFs: Bitpanda Financial Services GmbH, an investment services provider licensed in Austria by the FMA (commercial register number 551181k).
- E-money services: Bitpanda Payments GmbH, an e-money institution licensed in Austria by the FMA (commercial register number 501412x).
So the MiCAR authorisation covers the crypto-asset services of Bitpanda GmbH. It does not extend to the stocks, ETFs or e-money services, which fall under other licences. The page on the Bitpanda group and its companies and the licences and registers page list each entity.
How to check a provider yourself
You do not have to take a provider's word for its status. The checks take a few minutes and use public sources.
- Find the legal entity. It is named in the footer or the terms, with a company number. Brand names are not licensed; companies are.
- Look it up in the ESMA interim MiCA register. It shows the entity, the national authority, the authorisation date and the service letters.
- Read the service letters. A firm that holds service c (exchange of crypto-assets for funds) is not thereby authorised for custody (service a) or for operating a trading platform (service b).
- Confirm with the national regulator. The FMA and BaFin both publish company databases.
The guide to MiCA-licensed crypto exchanges and how to check one walks through the register step by step.
What this means if you live in the UAE
Bitpanda GmbH's authorisation is an EU authorisation, and this website is for residents of the EU and EEA. The legal notice states that UK and UAE residents are served by other Bitpanda companies. If you are a European living in the UAE, eligibility depends on your residency and the terms that apply to you, so check them before you open an account. The FAQ is the place to start.
MiCAR protections attach to the services a provider offers within the EU framework. They are not a general guarantee that follows your money wherever you move it. If you are moving funds back to dirhams, read the guide to cashing out crypto to AED in the UAE, which covers the licence checks to run on a counterparty there.
Protection and cost are separate questions
Because MiCAR requires providers to publish their pricing, you can compare costs before you commit. The rules require disclosure; they do not set a price. The fee schedule shows the published trade fees and limits, and the security page describes how Bitpanda says it protects accounts and holds assets.
Crypto-assets are highly volatile. You could sustain a loss of some or all of your investment, so it is important to invest only what you can afford to lose.
Frequently asked questions
Does MiCAR authorisation protect me from losing money?
No. It protects how a provider behaves, not what the market does. Crypto-asset prices can fall sharply, and you could lose some or all of your investment. Authorisation under MiCAR does not protect against a fall in prices.
Are my crypto-assets covered like a bank deposit?
No. Crypto-assets are not bank deposits. MiCAR sets out safekeeping duties for providers that hold client assets, but that is a different thing from a deposit account at a bank.
What does MiCAR require of a provider that holds my coins?
It must arrange safeguards for your ownership rights, especially if the firm becomes insolvent, and must not use your coins for its own account. A custody provider must also keep a register of positions in each client's name and send statements at least every three months.
Is every Bitpanda service covered by the MiCAR authorisation?
No. The MiCAR authorisation covers the crypto-asset services of Bitpanda GmbH. Stocks and ETFs are provided by Bitpanda Financial Services GmbH, and e-money services by Bitpanda Payments GmbH, each under its own Austrian licence.
Can I use Bitpanda GmbH's service from the UAE?
This website is for residents of the EU and EEA, and UK and UAE residents are served by other Bitpanda companies. Check your eligibility in the FAQ and the terms before you open an account.
Sources
- Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), Articles 66, 70 to 72, 75, 77 and 78. EUR-Lex: https://eur-lex.europa.eu/eli/reg/2023/1114/oj. The article summaries are those already read and cited in the companion guide on broker vs exchange (read 12 October 2026); the text was not re-read for this guide.
- ESMA, Markets in Crypto-Assets Regulation (MiCA), page with the interim MiCA register: https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica. Cited from the companion guide of 12 October 2026; not re-read on 15 October 2026.
- European Commission, "Crypto-assets": overview of the MiCA framework: https://finance.ec.europa.eu/digital-finance/crypto-assets_en. Cited from the companion guide of 12 October 2026; not re-read on 15 October 2026.
- Bitpanda, legal notice, licence details and scope statement on this website (entities, commercial register numbers, FMA authorisation date 9 April 2025). Read on 15 October 2026.
For information only. Not investment advice.