A Finland-based firm offering cryptocurrency brokerage and exchange services has been granted a Payment Institution License in the EU. In an announcement Friday, Prasos Ltd. said that, with the news, it has become only the third crypto firm in Europe to receive the license.
Awarded by the Finnish Financial Supervisory Authority, the PIL enables Prasos to offer additional fiat currency payment services for users of its Finnish Coinmotion exchange platform and will further allow it to offer fiat payment services in other European Economic Area countries.
The broker acquired Helsinki-based Coinmotion for an undisclosed sum back in 2016.
Fi, as well as Bittimaatti, a bitcoin ATM network in Finland.
"The process for acquiring the licence has lasted almost 1.5 years, during which legislation on the EU level has become clearer. We have been developing our business and processes strongly. I am very happy that we have reached this point and received the Payment Institution Licence."
In the announcement, Prasos said it also plans to register under the FSA as a virtual currency provider in accordance with new Finnish legislation that came into force on May 1, 2019.
Henry Brade, chairman of the board of directors at Prasos, commented that the company had previously lost several bank accounts "Due to the unregulated nature of the whole sector."
"With this licence we have, as the only cryptocurrency operator in the world, gained a customer fund account from a Finnish credit institution. As a payment institution, we also believe in the possibility of a deeper integration with the banking sector in the future" he said.
Crypto Broker Prasos Wins EU Payment Institution License
Published on Jul 12, 2019
by Coindesk | Published on Coinage
Investment App Abra Expands US Offerings With 60 New Cryptos
Abra is expanding its U.S. offerings, adding support for 60 new cryptocurrencies and doubling users' bank deposit limits.
AlphaPoint's White Label Tech Now Lets Crypto Exchanges Offer Margin Trading
Crypto software firm AlphaPoint is bringing margin trading to its client exchanges.
Web3 Studying How to Integrate Kadena's Smart Contract Language on Polkadot
The Web3 Foundation is studying how to adopt blockchain startup Kadena's Pact smart contract programming language for the Polkadot ecosystem.
With Code of Conduct, Trade Group ADAM Seeks Legitimacy for Crypto
One year after its formation, the Association of Digital Asset Markets has drafted a code of conduct for the cryptocurrency market.