Prasos Oy, the crypto currency exchange and wallet service provider of Finland, is on the verge of freezing owing to the fact that most of the banks of Finland have refused to engage in business transactions with it. Prasos was established in 2012, and ever since then, the crypto currency service provider, has witnessed an escalation in transaction volume to a value of 185 million dollars, which has been troublesome for a lot of banks in Finland.
There is no regulatory policies and code of restrictions on the transaction of crypto currencies in Finland. As such it is feared, that the crypto currency will evade the laws of money laundering and wreak havoc in the Finnish economy. Consequently, four major banks of Finland, namely, the SBank, the bank of OP Group, Nordea Bank and Saastopankki shut down their registered accounts with Prasos Oy in the year 2017. Presently, Prasos Oy conducts all its transactions through just one bank.
It has been declared by Saastopankki’s CEO that the transactions in crypto currency violate the anti-money laundering laws laid down by the EU (European Union). Apart from this, it is extremely challenging to conduct transactions in crypto currency with the crypto dealers, because nothing is known about the currency’s origin nor can anybody predict the price of the virtual assets.
Brade, the CEO of Prasos, is afraid that his business in crypto currency might freeze altogether with one bank closing its account after another, and with the EU cracking down upon crypto currency transactions with strict regulations and taxation laws. He further added that Prasos sincerely abides by the AML which will hopefully make the authority reformulate their regulatory policies.
However, as reported by the Cointelegraph in Feb, the authorities of Finland were baffled by the Treasury updates regarding the storing of 2000 seized Bitcoins.