Kvarn Capital Oy has achieved a significant milestone on its journey toward a more comprehensive service offering in a new regulatory environment. The Finnish Financial Supervisory Authority has, on 3 July 2025, granted the company a payment institution license (PSD2), enabling the development of business operations related to fiat and electronic money-based payment services.
The license gives Kvarn the readiness to serve both private and corporate clients with evolving electronic money-based solutions. It allows, among other things, payment services based on electronic money tokens and forms the foundation for the company’s broader service strategy, taking into account the requirements of current and forthcoming EU regulation.
Why is this significant right now?
Enables both traditional currency and electronic money token-based payment services under current regulation:
According to the European Banking Authority’s new interpretation (EBA/Op/2025/08), payment transactions related to electronic money tokens (i.e., fiat-backed stablecoins)—such as transfers, payments, redemptions, and account management—are classified as payment services under PSD2 regulation. Providing these services requires a payment institution license, which Kvarn has now obtained.
Partially fulfills the developing “dual license requirement” and enables proactive preparation:
From 2 March 2026, activities related to electronic money tokens—such as payment intermediation and custody services—will require both a CASP license under the MiCA regulation and a payment institution license under PSD2.
Kvarn now has a payment institution license, which in part covers functions required by upcoming regulations and enables systematic preparation for future regulation.
CEO Martin Wichmann comments:
“This license is a major milestone in Kvarn’s strategy to build a comprehensive and reliable service platform for the new era of payments. It enables us not only to meet regulatory requirements but also to develop genuinely useful new services for our clients—in both fiat and crypto.”
Further information and contact:
Martin Wichmann
Chief Executive Officer
Kvarn Capital Oy
martin.wichmann@kvarncapital.com
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