Reykjavik-based Monerium was confirmed as the initial electronic money institution by The Financial Supervisory Authority of Iceland (FME).
News that the Monerium was approved to provide fiat payment services on the blockchain and apply it all over the European Economic Area was announced on June 14. Sveinn Valfells, the co-founder of Monerium, mentioned that e-money is very good established regulatory framework all over Europe and it is in use for several years now. However, this is the very first time that e-money is approved to be applied to the blockchain.
Monerium team thinks that working under an approved framework is a great advantage for them. Valfells said:
Fiat is a currency majority of people and institutions are willing to use and if you are working with fiat in any way you just simply can’t avoid related regulations.
Monerium is developing all its technologies basing on an existing set of rules. Valfells mentioned:
We think that law is also a protocol.