Copy link
Increase text size
Decrease text size
Link copied

New license earns crypto firm Prasos inroads in 28 countries

EU Flag.Mediamodifier/Pixabay

Sat, 13 Jul 2019, 05:23 am UTC

A new license that was granted to the crypto firm Prasos by the EU now gives the broker to additional leeway in 28 countries. Called the Payment Institution License (PIL), it is a symbol of how much trust is now being placed on the Finnish company. For some context as to how momentous such a license is, it is only the third crypto exchange firm to have received such an endorsement of confidence.

This new license basically allows Prasos to offer more fiat services to traders via its exchange platforms, Coindesk reports. In 2016, it acquired the Coinmotion startup, adding it to its list of platforms that now includes and Bittimaatti. As Heidi Hurskainen, CEO of Prasos points out, acquiring the license took a long time to do and required some more clarity with regards to legislation.

“The process for acquiring the license 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,” she said.

Apart from new fiat services that it can now offer, the PIL also opens up the possibility of Prasos becoming more integrated into the banking sector. The board chairman at the firm, Henry Brade said as much when discussing the significance of the license.

“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,” Brade said.

On that note, this is not a solution to the major issues facing cryptocurrency in the EU. In fact, several member countries are still hesitant to trust it at all, Financial Magnate reports. Even so, the PIL is a significant first step in the right direction.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,341.43 (+0.05%)
  • Ethereum (ETH) $160.32 (+0.48%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $309.94 (-0.49%)
  • Bitcoin SV (BSV) $261.40 (+1.82%)
  • Bitcoin (BTC) $8,341.43 (+0.05%)
Jan 24, 2020 (Friday)
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Japan ruling party lawmakers to propose digital yen in February: Report
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
Tether launches new stablecoin backed by physical gold
Crypto exchange ErisX partners with Etale to offer new trading features
World Economic Forum launches blockchain-based supply chain traceability platform
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
Crypto exchange Binance invests in blockchain startup Numbers
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
World Economic Forum creates framework to help central banks design and deploy CBDC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.