Based in Finland, bitcoin-broker Prasos announced the license of payment institution, you will be able to offer additional payment services to Fiat currency for users of its platform Coinmotion and in other countries of the European economic area (EEA).
As outlined in the statement Prasos, the company became only the third organization in Europe to obtain such a license.
Big news! @prasosltd has received the payment institution licence. We are now the third crypto company to receive such a licence in Europe. The licence was granted by the Finnish FSA. https://t.co/1NZ2pskuYN
— Henry Brade ⚡ (@Technom4ge) July 12, 2019
The license is issued, the Service for financial and budget supervision Finland.
«The process of obtaining the license took almost a year and a half, and during this time European legislation became more clear. We worked a lot on the development of our business and I am very happy that we came to this point and received a license of payment institution», — said CEO of Prasos, Heidi Sinikka hurskaynen.
In March 2018 Prasos reported that four Finnish Bank closed the accounts of the company and refused further cooperation, fearing a potential breach of the AML legislation. Then Prasos was left only with one partner and did not rule out that all his business will be frozen.
The obtained license will enable the company to conduct more fruitful cooperation with financial institutions, in addition, Prasos intends to register as a virtual operator services in accordance with the Fifth EU Directive on combating money laundering and the financing of terrorism, which entered into Finland in force since may 1, 2019.
«We believe that in the years of the cryptocurrency sector will become more mainstream and the license is strategically a very important achievement. This is the first step towards creating new products for investors, which enhances our position in the European market and will support a wider cooperation with financial operators», — said the head of the company.
Recall Prasos announced the acquisition of the cryptocurrency exchange Coinmotion in February 2016. Also the company owns another exchange Bittiraha.fi and working in Finland’s network of bitcoin ATMs Bittimaatti.