Prasos has been granted a Payment Institution Licence by the Finnish Financial Supervisory Authority, making it the third cryptocurrency company in Europe with this licence. The licence allows Prasos to provide new payment services for customers on the Coinmotion platform and it also enables payment services in other EEA countries by notification procedure.
“The process for acquiring the licence 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”, comments Heidi Hurskainen, CEO of Prasos Ltd.
As a payment institution Prasos can strengthen its position as one of the most significant operators in the cryptocurrency industry. Due to the licence, Prasos can now provide features that extend the use cases of traditional currencies in its main service Coinmotion. The licence also enables a better basis for cooperation with traditional operators such as banks. A part from the payment institution licence, Prasos will also register under the Finnish FSA as a virtual currency provider in accordance with the new 5AMLD based legislation that came into force in Finland on 1st of May 2019.
“During the upswing of 2017 the exchange volumes in our services grew significantly and banks started paying attention to our company. We lost several bank accounts due to the unregulated nature of the whole sector, which caused notable challenges for our business. 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”, states Henry Brade, Chairman of the Board of Directors in Prasos.
Prasos aims for a leading market position in Europe
Despite shifting market trends, Prasos has a very positive future view of the cryptocurrency sector, and the company has invested heavily in development work and studying new markets.
“The cyclic nature of the cryptocurrency markets has affected the exchange volumes, but the underlying technology and infrastructure have evolved significantly, even though the media has not actively written about it. Now the markets are showing clear signs of recovery and also traditional investors have increasing interest for the sector”, states Hurskainen.
“We believe the cryptocurrency sector will continue to become more mainstream during the following years, and the granted Payment Institution Licence is strategically important achievement right now. It is the first step in developing new products for investors, it improves our market position in Europe and supports wider cooperation with financial operators. In addition, licence-related supervision will enforce our operations and give customers further security in using our services”, Hurskainen adds.
Prasos Ltd is concentrated on providing safe cryptocurrency exchange and storage services. The company was founded in Jyväskylä in 2012 and reached 4,7 million euro revenue during the last financial year. Prasos has over 80 000 customers and its main services are: Coinmotion.com, Bittiraha.fi and Denarium.com. Additional information can be found at Prasos.fi.
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CEO, Prasos Ltd
Chairman of the board, founder and Executive Vice President of Prasos Ltd