NexPay UAB, a subsidiary of European Bitcoin exchange platform Globitex, has just obtained authorisation with the Bank of Lithuania as an Authorised Electronic Money Institution (EMI), per a corporate statement.

Becoming a fully regulated e-money provider moves NexPay’s business into a new field, allowing the company to improve and extend services to customers. The new status, which is fully passportable to all other EU member states, enables NexPay to issue electronic money and to carry out various related payments services across all 28 countries.

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As per the license details, the updated status allows NexPay to enable cash placement and withdrawals, execute both secured and unsecured payment transactions, issue payment instruments and acquire payment transactions. This also extends to money remittance and execution of payment transactions via telecoms, the ability to clear euro payments directly without the involvement of commercial banks, and the issue of IBAN accounts to Globitex clients.

Commenting on the news, Jon Matonis, Globitex Chairman and Founding Director of Bitcoin Foundation, stated: “I look forward to this evolution of digital currency trading platforms that ensure futures contracts with a physical delivery component. Strong connection to the spot markets, including contract limits and physical delivery that is linked to provisioned commodities, will serve as the market standard for price integrity.”

Liza Aizupiete, Managing Director of Globitex, added: “Globitex is looking to set new cryptocurrency trading standards not only technologically, or by commodities-linked product offering, but especially in Globitex’s legal setup, ensuring safe passage to the digital age.”