Viennese crypto and fintech firm, Bitpanda has received a payment service provider license from Austria’s financial regulator on April 4.

The license was given out to Bitpanda Payments GmbH by Austria’s financial market authority (FMA), under the agreement of the European Union’s Payment Services Directive 2 (PSD2).

PDS2 was first launched in January 2018, introducing revised rules for payments service providers, no matter traditional banks or fintech firms, across the EU, and specifically European Economic Area (EEA).

On April 4, Bitpanda publicized a press release, stating that the license will definitely help to widen its company’s size and also a wider range of crypto-supported payment solution. The announcement also noted that this action is one step forward in wearing down the barriers between crypto and tradition finance.

Philipp Bohrn and Lukas Enzersdorfer-Konrad, the two managing directors of Bitpanda, one had been the director of the Association of Financial Service Providers in Austria’s chamber of commerce for 9 years and the other used to be the Head of the Department of Digitalisation and Innovation at Austrian banking group Raiffeisen.

Enzersdorfer-Konrad claimed to be the “first mover in Europe to offer convenient and innovative features and services,” with the purpose of making “digital assets spendable anywhere that users want.”