Following an operating license granted to Monerium, the Icelandic Financial Supervisory Authority (FME) recently legalized the use of digital currencies. The company specializing in electronic currencies will now be able to exchange blockchain-based digital assets in the country. This is a huge news, even in a country that has always been in favour of crypto-assets!
Monerium has grown gradually
Monerium defines itself as a very demanding company in terms of compliance with regulations and has been patient before launching its products. Indeed, Sveinn Valfells, the company’s CEO, pointed out that instead of seeking a posteriori approval from the authorities (FME) for a product already developed, Monerium was moving, step by step and hand in hand, towards each stage of its development.
Besides, the President of Monerium said in an interview that the digital currency and blockchain industry developed within this framework gives the company a competitive advantage.
A jump to the European Economic Area
It was only after the decision of the WFCW that Icelanders were able to carry out digital asset transactions, despite the upsurge in crypto-mining companies all over the country. By licensing Monerium (the country’s first digital currency payment company), users will now be able to conduct electronic currency transactions in Iceland based on blockchain technology. The goal is to provide a more efficient, less expensive currency with fewer intermediaries. We don’t really seem to be talking about crypto money but rather e-money according to the firm’s website. In any case, this remains the first case of its kind approved in Europe. At the time of the announcement, the WEF mentioned that:
What future for Iceland?
Iceland’s northern and icy climate is prime terrain for mining activities. However, local experts are considering a more focused orientation towards cryptomarket activities. In particular, the legal barrier governing these assets prevented Icelandic users from asserting the fundamental function of digital assets.
For Jon H. Egilsson, co-founder of Monerium, the assets issued by the company would incorporate all the advantages of blockchain technology, being able to play the traditional role of money.
Finally, this approval will probably pave the way for the democratization of Blockchain projects outside mining activities in Iceland. The registration of Monerium as the leading provider of digital assets in the country marks a significant change in Iceland’s confidence in electronic currencies and therefore, crypto money in Europe more broadly. However, the responsibility incumbent on it in terms of securing the funds of its users is imperative and points to the development of a long-term approach.