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Although the prosecutors, in this case, have sought for the penalty to be imposed in Bitcoins, they do not accept that this effectively legitimizes Bitcoins. The prosecutors denial may be immaterial. While Norway is not a member of the European Union, it is a member of the European Free Trade Association member and the EU is its most important trading member. The EU has been taken large strides in recognizing Bitcoin. In April 2016, Bitstamp became Europe’s first licensed Bitcoin exchange, after receiving a licence from Luxembourg to operate as a payments institution. Given the global nature of cryptocurrencies, Norway cannot operate in isolation.
