New license earns crypto firm Prasos inroads in 28 countries
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 […]
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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 Bittiraha.fi 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.