Crypto Broker Prasos Wins EU Payment Institution License

The Finland-based crypto firm says it can expand its fiat payment offerings after being granted the license.

AccessTimeIconJul 12, 2019 at 11:50 a.m. UTC
Updated Sep 13, 2021 at 9:25 a.m. UTC

A Finland-based firm offering cryptocurrency brokerage and exchange services has been granted a Payment Institution License (PIL) in the EU.

In an announcement Friday, Prasos Ltd. said that, with the news, it has become only the third crypto firm in Europe to receive the license.

Awarded by the Finnish Financial Supervisory Authority (FSA), the PIL enables Prasos to offer additional fiat currency payment services for users of its Finnish Coinmotion exchange platform and will further allow it to offer fiat payment services in other European Economic Area countries.

The broker acquired Helsinki-based Coinmotion for an undisclosed sum back in 2016. It also operates another exchange called, as well as Bittimaatti, a bitcoin ATM network in Finland.

“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.” Heidi Hurskainen, CEO of Prasos Ltd.

In the announcement, Prasos said it also plans to register under the FSA as a virtual currency provider in accordance with new Finnish legislation that came into force on May 1, 2019.  

Henry Brade, chairman of the board of directors at Prasos, commented that the company had previously lost several bank accounts "due to the unregulated nature of the whole sector."

"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” he said.

Walk signals image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Read more about