My car is an n54 with a step-tronic transmission.
No launch control from bmw, but I discovered that if you do a 2nd gear launch, you can build up to 2500rpm and have no wheel-spin during the first 20ft. When full-throttled, the transmission overrides and sends it back to first gear, thus making it a faster launch. I coined it DWP (Dynamic Wheel-spin Prevention).
If do a first gear launch with traction control, the traction control will kick-in and stop the car; and no traction control will cause a burnout or too much wheel-spin. My technique allows for a faster launch without having the factory launch control.