Finland-based cryptocurrency firm Prasos has secured a payment institution license via the Finnish Financial Supervisory Authority (FFSA). The news comes by way of an official announcement via its crypto exchange website on July 12. According to the announcement, Prasos is now the third crypto firm in Europe to secure a payment institution license. According to its website, Prasos operates a crypto exchange, a crypto investment platform, and Bitcoin (BTC) ATMs. Prasos stated that, thanks to its new license, its crypto investment platform Coinmotion is now capable of supporting a payment service in the European Economic Area, which includes EU member …

Once seen by the mainstream zeitgeist as a fringe technology destined to languish on the outskirts of society, cryptocurrency today is alluring many leaders of the fintech sector by offering companies the prospect of being at the forefront of the largest financial revolution of the past century. With mainstream society increasingly accepting Bitcoin (BTC) as a means of payment, financial firms are increasingly seeking to offer a frictionless and convenient means for consumers to make payments using crypto. Square introduces BTC deposits On June 26, San Francisco-based mobile payments provider Square announced that users of the company’s Cash App can …

Italy, Sweden and the Czech Republic will share the next one-year presidency of the European Blockchain Partnership, Cointelegraph Italy reported on July 9. Following a meeting of the European Blockchain Partnership today in Brussels, the three countries took on the one-year presidency, which will last from July 2019 to July 2020. Marco Bellezza, Legal Advisor to Minister Di Maio for communications and digital innovation and Coordinator of the Italian delegation of the EU Blockchain Partnership, said: "The Italian Presidency of the EU Blockchain partnership is a first acknowledgment of the activity carried out on this front on the impulse of …

European Central Bank executive board member Benoit Coeure said that financial regulators must act fast to prepare for Facebook’s Libra stablecoin, Bloomberg reports on July 7. Per Bloomberg, Coeure argued on Sunday in Aix-en-Provence in southern France that allowing for the development of new financial services and asset classes in a regulatory void is irresponsible. He concluded: “We [financial regulators] have to move more quickly than we’ve been able to do up until now.” According to Coeure, the development of digital assets has exposed gaps in current financial regulations, and underlines banks’ slow rate of adoption of new technologies: “All …

French financial regulators have observed an increase in complaints regarding cryptocurrencies this year. Investors in the country are increasingly filing complaints about digital currencies with France’s Financial Markets Authority (AMF) since January 2019, according to the AMF’s 2019 Risk Map report published on July 2. Percentage of claims to AMF regarding crypto assets. Source: AMF The Risk Map analyzes the major factors that have an impact on the country's financial markets along with associated risks. At the same time, 2019 has reportedly seen a drop in the number of enquiries received by the AMF’s consumer contact center in regard to …

London-based crypto asset management firm Prime Factor Capital has obtained a license from the Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). The development was announced in a press release on July 1 Being FCA-authorized gives Prime Factor Capital the right to operate as a full-scope AIFM under the European Union’s AIFM Directive (AIFMD). The Directive is a regulation applied to private equity funds, hedge funds, and real estate funds, which sets standards for marketing in regards to raising private capital, risk monitoring and reporting, among other issues. As required by AIFMD, Prime Factor …

Switzerland-based online bank Dukascopy is developing its own Ethereum blockchain-based stablecoin, according to the white paper published on June 27 Per the document, Dukascopy intends to issue ERC-20 stablecoins dubbed “Dukascash” pegged to the euro, Swiss franc, and U.S. dollar, and gradually increasing the list of Dukascash tokens’ base currencies depending upon customer demand. The bank further specified: “The initial Dukascash tokens tranches of roughly CHF 10 million or equivalent in each base currency will be issued and initially kept by the Bank as ‘unreleased’ tokens. Additional Dukascash tokens will be issued in tranches, depending upon client demand. Small portions …

European Union banks could have an instantaneous payments system in place by 2020, Reuters reports on June 26. Per the report, real-time payments have been possible in the eurozone since 2017, but only about half of the banks in the bloc adhered to the initiative. Still, Reuters notes that adoption may accelerate now that Facebook’s Libra stablecoin is shaping up to be a competitor to local banks. Director general of the European Payments Council (EPC) Etienne Goosse reportedly said that — regardless of the success of Facebook’s Libra’s project — competition from technology firms was here to stay, and banks …

27% of surveyed United Kingdom citizens hope to see cryptocurrencies in “real-world applications," according to recent research by U.K.-based crypto exchange CEX.io, technology news outlet BTCManager reported on June 27. CEX.io provided BTCManager the results of its recent survey focused on the level of adoption, application, and expectations of digital currencies in the U.K. The report — which was prepared in collaboration with London-based research firm qriously — highlights answers from 1,013 respondents. Per the survey, 32% of respondents said that they would like the technology to be better integrated with "everyday technology" like payments apps and mobile storage, while …

The head of the German Federal Financial Supervisory Authority (BaFin) has urged regulators to develop standards in response to Facebook’s forthcoming cryptocurrency, Libra, Cointelegraph Deutschland reported on June 26 Speaking at the International Club Frankfurter Wirtschaftsjournalisten, BaFin President Felix Hufeld stressed that policymakers and regulators should not stand aside on the issue of Facebook’s Libra as considerable control questions could arise once the coin comes into use. Hufeld hinted at possible regulatory measures introduced by BaFin, but also pointed to the need for an international regulatory framework: "We certainly can not just watch. We will have to respond appropriately in …

Euroclear, one of the world’s largest securities depositories, says it will push forward with building a pilot blockchain-based platform for the issuance and settlement of European commercial paper (ECP). The news was reported by EuroClear on June 19. Euroclear settled €791 trillion ($885.48 trillion) in securities transactions and held an average of €28.8 trillion ($32.24 trillion) in client assets in 2018, according to results published this March. The financial services titan has today revealed that it successfully completed a proof-of-value study for an ECP-focused blockchain platform together with the European Investment Bank, Spain’s Santander and “Big Four” auditor EY. The …

Europol — the law enforcement agency of the European Union — is hosting its sixth cryptocurrency conference, with over 300 crypto experts from law enforcement and the private sector reportedly in attendance. The news was revealed in a Europol press release published on June 14. The conference — organized by Europol’s European Cybercrime Centre (EC3) and hosted June 12-14 at the Europol headquarters in the Hague, Netherlands — is allegedly the largest law enforcement crypto event in Europe. Per the press release, the conference focused on opportunities to strengthen cooperation between law enforcement agencies and the private sector in a …