Iceland’s sole financial regulator, Financial Supervisory Authority (FME) approves country’s first blockchain-powered e-money firm, as announced by the organization on June 14.
Backed by blockchain software company ConsenSys, Reykjavik-based Monerium has been reportedly gained approval from the Icelandic financial watchdog in order to provide fiat payment services using ethereum (ETH) blockchain, according to a CoinDesk report published on June 14.
The report claims that Monerium is the first company to operate under an electronic money framework. A major European regulatory framework that will allow the firm to offer blockchain-powered e-money services across the European Economic Area (EEA). As per the report Jón Helgi Egilsson, Monerium co-founder and a former chairman of the Supervisory Board of the Central Bank of Iceland will make an official announcement at a digital currency conference in Stockholm on June 15.
Reportedly, Monerium plans to launch a blockchain-based fiat currency pegged to Icelandic krona (ISK), that will allow cross-border payments without a financial middleman, as per CoinDesk. Initially, the digital ISK will reportedly operable across the European Union and will be introduced the e-currency to more countries depending upon the regulatory policies.
ConsenSys participated in a $2 million seed funding round for Monerium in January 2019. The company’s co-founder Andrew Keys claimed at the time that investment in the Icelandic firm aligns with the incubator’s purpose to create “the infrastructure needed for a more decentralized and self-sovereign future.”
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