Financial Supervisory Authority of Iceland Licenses Blockchain-Based E-Money Startup Monerium June 16, 2019 June 16, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 16, 2019 by Kelly Cromley

Financial Supervisory Authority of Iceland Licenses Blockchain-Based E-Money Startup Monerium

Iceland’s financial regulator, the Financial Supervisory Authority (FME), has granted permission for the country’s first blockchain based e-money firm. Monerium, a company out of Reykjavik, has received the approval from the Iceland’s financial regulator to offer fiat remittance facility using ethereum (ETH) blockchain. Notably, Monerium is backed by ConsenSys, a blockchain software company.

The report states that Monerium has turned out to become the first institution to function under an electronic money infrastructure, a key European regulatory infrastructure that permits the company to provide blockchain backed e-money facility throughout the European Economic Area (EEA).

Monerium co-founder Jón Helgi Egilsson, ex-chairman of the Supervisory Board of the Central Bank of Iceland, provided additional information at the digital currency conference in Stockholm held yesterday.

Monerium intends to unveil a blockchain powered fiat currency that is pegged to Icelandic krona (ISK) to facilitate cross-border payments in the currency without a financial intermediary.

The electronic ISK will supposedly function across the EU in the early stages, while the company also intends to unveil the e-currency to several countries on the basis of their regulatory overview on the crypto sphere.

Back in January, ConsenSys joined hands in a $2 million preliminary stage funding for Monerium. The Icelandic firm’s co-founder Andrew Keys asserted that investment in his startup is in line with incubator’s aim to establish “the infrastructure needed for a more decentralized and self-sovereign future.”

Of late, ConsenSys co-founder Joseph Lubin claimed that the ethereum blockchain had considerably scaled in recent times.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.