Crypto Is Now Legal In Iceland

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

Iceland has once again gotten again the attention of the whole cryptocurrency community as it formally recognizes cryptocurrency as a legal form of payment in the country.

The country is a preferred destination of Bitcoin miners for its cold weather and abundant renewable energy source and now become one of the first European countries to legalize crypto as a method of payment.

Financial Supervisory Authority (FME), Iceland financial watchdog has authorized its first ever crypto institution, Monerium, which is based in Reykjavik wuk be able to issue electronic money using blockchain technology.

According to Sveinn Valfells, CEO at Monerium, it was a competitive advantage for their company to work under a regulated space adding that for practical purposes fiat will be the currency most people and institution will want to use in the near and medium term and compliance is key when you deal with this asset type.

He reveals that Monerium took a different path than other crypto projects wherein in it was developed a product that took into consideration regulations from the very start.