Digital asset firm Elliptic will be working with Monerium on enabling compliance and AML solutions under the MiCA regulation in Europe. The two firms note that real-time, multi-chain compliance cuts manual intervention by 60%, supporting Monerium’s Euro (EURe) stablecoin and other operations.
Monerium holds an Electronic Money Institution (EMI) license which it received in 2019. The company was founded to support peer to peer transfers without intermediaries. Monerium currently operates in 27 EU member States, as well as Iceland, Norway, Liechtenstein, and the UK. The EURe is said to be the the most widely used stablecon in Europe have transferred €4 billion in value.
Elliptic is a digital asset platform providing data and tools for compliance and risk management. Elliptic operates globally.
MiCA, or Markets in Crypto Assets, is regulation that governs crypto, including stablecoins. Monerium recently received a VASP or Virtual Asset Service Provider license. Monerium says it is now “ready to handle the surge” in business it anticipates.
Gísli Kristjánsson, co-Founder and CEO of Monerium, says there are challenges to issuing stablecoins, including managinintricate regulatory framework. Other challenges include cyber threats and legal uncertainties as rules can change.
Jackson Hull, CTO at Elliptic, adds that compliance requirements will only increase as the stablecoin market grows.