The Minister of Finance of the Grand Duchy of Luxembourg has announced it has granted the first bitcoin licence to provide services as a regulated payment institution within the European Union. 

The “BitLicense” will allow the provider to offer payments, remittances and currency exchange services to individuals, companies and financial institutions. 

Luxembourg was elected by the provider due to its position in the fields of international finance and communication technology and its ecosystem. Luxembourg was also deemed attractive because of its position as a hub for deploying payment services within the European Union.