Prasos Ltd is now a payment institution

Prasos Ltd has been a pioneer in the cryptocurrency sector for many years. To achieve its goal to grow from one of the largest cryptocurrency providers in the Nordic’s to the leading cryptocurrency provider in Europe, Prasos Ltd has expanded its range of services with payment services. The provision of payment services is subject to a payment institution authorisation and a thereto related extensive application process.

Prasos Ltd was granted the payment institution authorisation in July 2019, whereby Prasos Ltd now has the right to offer several different payment services. To the best of our knowledge, Prasos Ltd is the first cryptocurrency provider in the Nordic’s that has been granted an authorisation to act also as a payment institution. Thus, this is a significant milestone for the whole cryptocurrency sector.

Nordic Law assisted Prasos Ltd in the authorisation application process from start to finish. The process included, inter alia, planning the entirety of the application process, legal definitions of the payment services, drafting the actual application and its appendixes as well as overall management of the application process.

Considering that the cryptocurrency sector can be somewhat challenging to understand, and in addition novel by nature in the tightly regulated financial sector, it was vital during the application process to understand not only relevant financial regulation, but also cryptocurrencies. Thereby it was ensured that the Finnish FSA received all relevant information in an understandable form. As a result, Prasos Ltd received a positive authorisation decision.

Considering the now granted payment institution authorisation, Prasos Ltd has an excellent position to ensure continuous growth. Nordic Law looks forward to support Prasos Ltd in this growth story as well.

Nordic Law has a vast experience and broad expertise regarding fintech-companies, whereby we are able to successfully assist fintech-companies in different situations and challenges. If our services are of interest, we would be pleased to sit down with you.

12.07.2019 JON