SnapSwap International S.A., a company, specialised in payment services utilising modern cryptographic technologies, crypto-currencies and internet protocols, was today granted a payment institution license by the Luxembourg Finance Minister, Pierre Gramegna.

It is the first license for a virtual currencies operator as a payment institution in Europe. SnapSwap was founded by US-entrepreneur Denis Kiselev, who is in the course of establishing the company’s international headquarters in Luxembourg.

Nicolas Mackel, CEO of Luxembourg for Finance stated: “This first licensing of a virtual currencies operator shows the openness of the Luxembourg authorities towards innovation. Luxembourg is already a prominent location for e-payment companies, following its success as a European hub for international e-commerce companies.”

Denis Kiselev, CEO of SnapSwap, said: “We at SnapSwap believe this is the first step towards the creation of a crypto protocols ecosystem that will develop within an established structure of financial regulation and supervision, and we are excited to start our activities for Europe out of Luxembourg in early 2016.”

About SnapSwap: SnapSwap’s team of engineers and financial specialists builds products and services based on innovative payment and settlement technologies. The company was founded by CEO Denis Kiselev in 2012 in the US. Establishing a regulated payment institution in a major hub of international finance and communication technology allows SnapSwap to implement the highest standards of compliance and transparency. Its mission is to connect people and businesses by making payment innovations easily accessible worldwide.