Finnish crypto company Prasos obtains license from the Finnish Financial Supervisory Authority

The Finnish cryptocurrency company Prasos has obtained a license from the Financial Supervisory Authority (FFSA), allowing them to provide cryptocurrency payment services.

According to a report, Prasos is now the third cryptocurrency company in Europe to secure a payment institution license. Their website indicates that Prasos' offerings include operating cryptocurrency exchanges, a crypto investment platform, and Bitcoin ATMs.

With this license approval, Prasos states that their crypto investment platform, Coinmotion, is now able to offer payment services in the European Economic Area, including EU member states as well as Iceland, Liechtenstein, and Norway.

Furthermore, this license will even allow Coinmotion to collaborate with "banks" and "traditional financial institutions" and expand capabilities related to traditional fiat currencies.

Heidi Hurskainen, General Manager of Prasos, stated

We spent about a year and a half to complete the application process. And during this time, I believe that the cryptocurrency legislation within the EU has become clearer.

Various governments are currently closely engaging with blockchain-related companies, a similar example is unfolding in the United States where two companies have received licenses from the U.S. Securities and Exchange Commission (SEC). Blockstack announced on July 11 that the company will issue $28 million worth of blockchain tokens (Stacks token, STX) under the SEC's Reg A+ standard (Regulation A+).

Further Reading

• John McAfee suggests Cuba issue cryptocurrency
• Swiss economic think tank Avenir Suisse strongly advocates for Switzerland to create a national cryptocurrency

Join now to get the most comprehensive information on fintech, blockchain insights, and industry examples!