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First Cryptocurrency Exchange Registers with Financial Supervisory Authority

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First Cryptocurrency Exchange Registers with Financial Supervisory Authority

Bitcoin Mining

Photo: A screenshot from RÚV.

The first company to specialize in cryptocurrency commerce and services is now registered with Iceland’s Financial Supervisory Authority, or FME, reports Kjarninn. Morgunblaðið reported first.

The company, Skiptimynt, is a cryptocurrency exchange dealing in Bitcoin and Auroracoin. Cryptocurrency firms are now required to register their activities with FME, following new legislation intended to combat money laundering and terrorist activities.

Crypto- or digital currencies have gained increased popularity on the international market in recent years, although the value of most have been subject to extreme fluctuations. The value of one Bitcoin is now roughly ISK 770,000 ($6,958/€5,986), but was worth as much as ISK 2,216,800 ($20,000/€17,208) at one point last year.

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