Estonia Grants IronX a Full Regulatory License for Cryptocurrency Trading

IronX will be a fully regulated cryptocurrency exchange, following a license being granted by Estonia’s Financial Intelligence Unit (FIU) in September 2018. This is a significant milestone for the upcoming exchange, which aims to simplify the process of crypto trading for beginners and experts alike, as well as provide a safe environment for trading. The Estonian license is the first step in ensuring full regulatory compliance. The exchange has also applied for licenses in Gibraltar and Malta.

Recently IronX announced that high demand for IRX Token pushed to extend its sale to January 15th.

Why Estonia?

Estonia is one of the first nations to adopt blockchain technology. It started using a variation of blockchain as early as 2008 and implemented it into its national digital identification system. By 2012, blockchain was adopted across various sectors in Estonia, including security, legislature, judiciary, commercial code registries and health.

Estonia was possibly the most impoverished country in the Eurozone at the time that it was added to the EU in 2011. However, within a short span of seven years, it has not only driven its economy to great heights, but it has also become a haven for cryptocurrencies. Blockchain startups tend to look to Estonia because of the favourable regulations and tax laws for startups here. Also, Estonian regulators are incredibly helpful and cooperative, which is undoubtedly a plus for startups.

IronX chose to apply for an Estonian license because this country has a very positive stance on adopting blockchain technology and cryptocurrencies. Besides, Estonia is known for its high-quality legal framework and its pro-innovation approach, especially for blockchain.

In December 2017, Estonia had announced a state-sponsored crypto token, Estcoin, becoming the second nation after Venezuela to do so.

After Estonia granted full regulatory license to the IronX Exchange, the founder and chairman of IronFX Group, Mr Markos Kashiouris, 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 contributors, both private and institutional, to trade cryptocurrencies, within the secured and regulated environment.”

The IronX Exchange

The upcoming IronX Exchange is a joint venture between IronFX Group, an award-winning global online trading platform with connections to top-tier financial institutions, and EmurgoHK Group, the creators of Cardano. Smartologic Technologies will serve as the advisor and facilitator of the IronX Exchange platform. PumaPay will facilitate the processing of daily payments by combining the traditional payment methods with blockchain technology, enabling the use of cryptocurrencies in both online and offline payments.

Get to know the full list of the future IronX Exchange partners and what benefits will be delivered to the potential contributors.

The exchange will provide a full range of traditional fiat and crypto wallet funding options, along with 24/7 support in over 30 languages. The main idea is to provide the flexibility and already established convenience of a traditional platform and combine it with the latest developments in the blockchain. Liquidity will be ensured by the fact that the exchange will allow clients to seamlessly migrate their crypto accounts to the IronFX online trading platform and EmurgoHK group will list ADA coin on the exchange.