Estonia’s Financial Intelligence Unit (FIU) has granted IronX a full regulatory license to operate a cryptocurrency exchange in the region, the company said in a statement sent to Cryptovest. IronX is a joint venture between online broker Iron FX and Cardano blockchain creator Emurgo HK.
The license, allows IronX to provide digital currency services and operate as a fully regulated digital exchange to set the industry standard in the region.
Markos Kashiouris, chairman and founder of IronFX Group, said:
“We have brought all our years of experience in regulated online derivative and commodity trading to create this new seamless trading platform for our customers. Being awarded regulatory approval, which was one of our key milestones in our Whitepaper, means we now stand apart from many of our competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within in same protected environment as they would trade forex, commodities, equities and other long-established tradable assets.”
According to Kashiouris, IronX preferred Estonia compared to other jurisdictions because of the country’s membership in the European Union which is at the forefront of embracing fit-for-purpose cryptocurrency rules. In addition, Estonia is recognized for having a high-level of regulations and adopting a pro-innovation approach towards the development of blockchain and other types of distributed ledger technology (DLT), as well as digital asset regulation.
Indeed, as early as in 2012, Estonia adopted blockchain in several areas, including, judicial, security, legislative, health, and commercial code registries.
In December last year, Estonia announced its plan to work on its own crypto token called the Estcoin to function as the national digital currency token for the nation’s e-Residency program – a “digital nation” comprising nearly 27,600 e-residents of Estonia from some 151 countries around the world, who are given the opportunity to set up companies in the country in a day and manage them elsewhere.
IronX also aims to assist in the adoption and awareness of digital currencies and digital asset trading in the country using ‘best-of-breed’ and new digital exchange.