A Payment Institution License (PIL) has been offered to a Finland-based firm offering cryptocurrency brokerage and exchange services in the EU.
This is an announcement made on Friday by Prasos Ltd. with the news, making it to become only the third crypto firm in Europe to receive the license.
The PIL which was awarded by the Finnish Financial Supervisory Authority (FSA) which will enable Prasos to offer additional fiat currency payment services for users of its Finnish Coinmotion exchange platform and it will further allow other European Economic Area countries to receive fiat payment services offered by them.
Way back in 2016, the broker acquired Helsinki-based Coinmotion for an undisclosed sum. It also operates another exchange called The Bittiraha.fi, as well as Bittimaatti, a bitcoin ATM network in Finland are being owned and operated by the exchange broker company.
Heidi Hurskainen, CEO of Prasos Ltd. Said,
“We have been developing our business and processes strongly and the process for acquiring the licence has lasted almost a year plus years, during which legislation on the EU level has become clearer. We are excited about the offer and i am very happy that we have reached this point and received the Payment Institution Licence.”
Speaking further, there are plans according to Prasos to also register under the FSA as a virtual currency provider which will be in accordance with new Finnish legislation that came into force in 2019, precisely on May 1.
According to Henry Brade, chairman of the board of directors stated that “Due to the unregulated nature of the whole sector,” the company had lost several bank account in the past.
We have been able to gained a customer fund account from a Finnish credit institution being the only cryptocurrency operator in the world with this licence.
Furthermore, as a payment institution, we are hoping and also believe that there will be a possible deeper integration with the banking sector in the future.
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