Billon Group has obtained permission from the Polish Financial Supervision Authority (KNF) to operate in the country as a registered electronic money institution.
Completed through its subsidiary Billon Solutions, the permit is claimed to be a first of its type issued in Poland by the KNF.
Billon will now be able to provide a number of payment services in national currency using its DLT enterprise system.
Wojtek Kostrzewa, CEO of Billon Group, said: “The e-money license is a milestone in Billon’s development. With it we will be able to offer companies all over Europe a whole range of accounts and payments solutions that unleash the potential of our high-performance DLT system.
“We can present a wide range of B2B2C applications, such as P2P transfers, micropayments for multimedia content, e-commerce, or corporate payments at much lower cost than with legacy banking systems.”
The license provides Billon the ability to issue electronic money in the form of a national currency with the same value as cash and money on a bank account.
It also allows the firm – who first applied for the permit in August 2018 – to operate in the European Union, securing its work in the EU ahead of Brexit.
During the approval process, the company had to demonstrate the regulatory compliance of its DLT system along with the ability to achieve the highest level of security.
Andrzej Horoszczak, CTO and Founder of Billon Group, commented: “This milestone recognises that Billon has achieved a natively encrypted national currency capability, beyond the concept of a ‘stablecoin’, which is a cryptocurrency concept.
“Billon encrypts everyday currency directly, and can make peer-to-peer transactions without the friction of a bid-ask spread related to stablecoins.”
