Crypto Broker Prasos Wins EU Payment Institution License

July 12, 2019
37 Views

A Finland-based firm offering cryptocurrency brokerage and exchange services has been granted a Payment Institution License (PIL) 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 (FSA), 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. It also operates another exchange called Bittiraha.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.”

Heidi Hurskainen, CEO of Prasos Ltd.

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.

Walk signals image via Shutterstock

https://www.coindesk.com/crypto-broker-prasos-wins-eu-payment-institution-license

You may be interested

Privacy Is a Human Right Worth Fighting For
Crypto News
19 views
Crypto News
19 views

Privacy Is a Human Right Worth Fighting For

btcethereumadmin - July 23, 2019

Privacy is a basic human right. It’s there in Article 12 of the Universal Declaration of Human Rights: “Freedom from…

Daimler to Produce Crypto Hard Wallet for Automotive Industry
Crypto News
43 views
Crypto News
43 views

Daimler to Produce Crypto Hard Wallet for Automotive Industry

btcethereumadmin - July 22, 2019

Mercedes Benz parent company Daimler has partnered with blockchain firm Riddle & Code to produce a hardware wallet for automobiles.…

Iran Legalizes Crypto Mining
Crypto News
27 views
Crypto News
27 views

Iran Legalizes Crypto Mining

btcethereumadmin - July 22, 2019

Iran is officially recognizing cryptocurrency mining as an industry within its borders. According to the Iranian government’s Chamber of Commerce,…

Leave a Comment

Your email address will not be published.