FinTechBlockchainCrypto exchange IronX awarded regulatory licence

Crypto exchange IronX awarded regulatory licence

Cryptocurrency exchange IronX has been given full regulatory licence approval by the Estonian Financial Intelligence Unit, in one of the first such cases in Europe.

With regulation of the cryptocurrency landscape emerging as a key theme in conversations around blockchain technology, crypto exchange IronX – a joint venture between global online broker IronFX Group and EmurgoHK, creator of the Cardano Blockchain – has been given full regulatory licence approval by the Estonian Financial Intelligence Unit (FIU).

The licence allows IronX to operate as a fully regulated exchange for the trading of cryptocurrencies. It is one of the first such comanies in Europe to seek and receive this level of approval.

IronX chose to obtain its licence in Estonia, a full EU member-state that is on the forefront of introducing cryptocurrency regulation. The country is recognized for its high level of governance with its pro-innovation approach towards the advancement of DLTs and cryptocurrency regulation.

Estonia has utilized blockchain technology in its own health, judicial, legislative, security and commercial code registries since early 2012.

The new licence allows IronX to operate as a provider of a virtual currency against a fiat currency exchange service, and a provider of a virtual currency wallet service.

The granting of the licence will provide increased security for cryptocurrency traders and users of its new cryptocurrency exchange.

Founder and chairman of IronFX Group, Markos A Kashiouris, commented: “Being awarded regulatory approval means we now stand apart from many of our competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within the same protected environment as they would trade forex, commodities, equities and other long-established tradable assets.”

The IronX Exchange is expected to launch by the end of September with a priority opening for VIP IRX token holders to its beta version and official launch to the public planned for December 2018.

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