Iceland Cryptocurrency Exchange Skiptimynt is First Officially Registered Platform


The First Official Crypto Exchange Registered in Iceland

Recently, the first registration of a crypto exchange took place in Iceland. The nation’s Financial Supervisory Authority now recognizes this exchange. Iceland may be a small nation, but it is becoming an important player in the crypto ecosystem. In recent years, the nation has seen an influx of crypto miners.

This is because almost all of Iceland’s power comes from renewable sources. The result is that power is quite cheap in the country. Besides that, its cool climate ensures that costs for cooling the mining equipment are minimal. Another crypto chapter was started in the nation with the registration of a crypto exchange by the nation’s Financial Supervisory Authority (FME).

It Is Technically Not The First Crypto Exchange In Iceland

The crypto exchange that was registered by the FME is Skiptimynt. This exchange features two trading pairs of the Bitcoin/Iceland Krona (ISK) and ISK/Auroracoin(AUR). The Krona is the official fiat currency of Iceland. The Auroracoin was created in 2014 as an alternative to Bitcoin for Iceland.

The nation now requires that all crypto businesses must register with the FME. This is thanks to recent legislation that was passed to fight the financing of criminal and terrorist activity. However, it is worth noting that a majority of all crypto transactions are for legal activity. Just like the fiat money system, criminals will attempt to utilize the crypto ecosystem for criminal purposes.

It is also worth noting that Skiptimynt is not the first crypto exchange to operate out of Iceland. This honor goes to ISX, which was established in 2016. However, the ISX exchange only lets the Icelanders trade between AUR and Krona. It is not very active and handles transaction volumes of about $376 per 24 hours.

Crypto-Related Crime In Iceland

Crime is quite rare in the Nordic nation. However, a major heist was connected to crypto at the start of 2018. In this heist, 600 Bitcoin mining rigs worth about $2 million were stolen starting from December 2017 to January 2018.

A few days ago, seven suspects were charged with the theft of the mining rigs. One of the people charged was the ringleader, Sindri Thor Stefansson. He managed to flee the nation and was later caught hiding in Amsterdam. He climbed through the window of a low-security prison, walked to the road and hitched a ride to Amsterdam. Apparently, there was no fence at the prison.

More About Iceland And The Digital World

In Iceland, there is just one Bitcoin ATM. This machine was installed in February. The ATM is located in the Hlemmur Square Hotel in Reykjavik. On another note, the Icelandic contribution to online gaming EVE Online was sold. A Korean company, Pearl Abyss, bought EVE Online. The hardcore mmo from CCP was bought for $435 million. CCP says that everything will continue as normal. In fact, they claim they will continue to operate as an independent developer. However, this is clearly the end of an era. Soon, Pearl Abyss will want to ROI for their money. Thus, they may not have the freedom that they previously enjoyed.

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