Monerium turns to Elliptic to manage compliance for EURe stablecoin
0
In 2019, Monerium became the first company to receive an EMI license, allowing it to issue e-money on blockchain networks. Fully compliant with MiCA regulations, Monerium's EURe stablecoin enables seamless cross-border payments between traditional banking systems and blockchain ecosystems. With over €4 billion transacted, EURe has become the most widely used stablecoin in Europe by transaction volume.
To ensure that Monerium continues to meet compliance requirements under MiCA as it expands blockchain support and launches new services under its recently secured VASP license, Monerium has onboarded Elliptic's Lens, Investigator, and Navigator tools. This will provide automated AML screening, real-time transaction monitoring, and the cross-chain investigation solutions Monerium needs to handle surges in transaction volumes safely and efficiently. Ecosystem monitoring is essential for issuers to allow them to maintain the reputational and ethical integrity of a stablecoin. Through Elliptic's ecosystem monitoring, Monerium can be proactive about how EURe is used and help prevent misuse once it's in circulation.
Gísli Kristjánsson, Co-Founder and CEO of Monerium commented: 'Operating as a stablecoin issuer is not without challenges from intricate regulatory frameworks, to ensuring strict adherence to compliance standards. Other risks include market instability, potential cybersecurity threats, and legal uncertainties tied to evolving regulations. Elliptic's speed and agility when it comes to integration and product is unmatched. Its technology provides us with the tools to mitigate risks, ensure compliance, and enhance interoperability across multiple blockchain networks, enhancing the trust and security we offer to our customers.'
Monerium's decision to integrate Elliptic's solutions was also driven by the robust and comprehensive cross-chain analytics capabilities covering over 50 blockchains. With customizable risk rules tailored specifically to Monerium's client base, and the ability to seamlessly integrate EURe across multiple chains, these tools significantly reduce manual compliance interventions, invaluable to Monerium's operational efficiency. Importantly, it will provide real-time monitoring of high-risk activities and offer strategic insights into token flows, critical for Monerium's growth ambitions.
Jackson Hull, CTO at Elliptic, said: 'As stablecoin adoption and regulation continue to advance globally, compliance requirements for issuers are intensifying. In Europe, the growth of euro-denominated stablecoins is a growing priority, with stablecoins increasingly viewed as an entry point into digital assets for institutions. By leveraging Elliptic's deep expertise in blockchain analytics, Monerium will be well-positioned to meet these evolving requirements, scaling operations, detecting fraudulent activity, and maintaining transparency to protect users and uphold the integrity of the EURe stablecoin.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
an hour ago
- Daily Mail
Make no mistake, what's unfolding is spiteful class warfare on steroids: JEFF PRESTRIDGE
Another day and yet another rumour emerges of an egregious attack on the wealth of Middle England by this tax-grabbing Government. It's enough to reduce grown men and women, the prudent and thrifty to tears. Having just informed us that a more pernicious inheritance tax regime is heading our way, Labour has now indicated that it is looking to impose a new property tax regime on middle-class homeowners. It seems that nothing in our financial armoury – our home, pension and savings – is sacred in the eyes of Labour. It's all there to be grabbed or taxed to the hilt. Although details of the proposed tax are rather sketchy – and Treasury officials are currently remaining schtum – the fact that the story broke in the Labour-supporting Guardian newspaper suggests that this new tax regime has legs. No smoke without fire. The tax, it seems, could apply to those selling homes worth more than £500,000 – and replace the current stamp duty tax which is levied on buyers. Another option is an annual levy on the value of a property – a wealth tax whichever way you look at it. At what rate the tax would be applied is anyone's guess but it would surely be set at such a level that it raised more than the Treasury currently receives in stamp duty (£11.6billion in the last financial year). After all, this is a tax overhaul driven essentially by Labour's desperate need to generate more revenue for the Treasury's coffers, much diminished by the Chancellor's bloated spending and costly U-turns on winter fuel payment and much-needed welfare reform. It's scary – bloody scary. Make no mistake about it, what is unfolding before our very eyes is class warfare on steroids. A spiteful assault on millions of people who through a mix of thrift, sacrifice and damned hard work have built their own financial fortress, only for the Big Bad Wolf that is Labour to come along and attempt to blow it down. While the current stamp duty tax regime is far from perfect, a replacement property tax – whichever form it takes – would bring with it a shedful of issues. For example, if it took the form of a seller's tax, it would surely clog up the housing market even more than it is now. I imagine that many elderly homeowners sitting in sizeable £500,000-plus properties would opt to stay put rather than sell up, pay the tax and downsize. But if it was an annual tax, it could blow a hole in your household budget. Alongside the replacement for stamp duty, Labour is also rumoured to be looking at abolishing council tax and introducing a 'local' property tax which owners, not residents, would pay. This would be based on the value of the home. Good luck there, Rachel Reeves, given that a similar idea (the poll tax) introduced some 35 years ago by a Conservative government led by Margaret Thatcher went down like a lead balloon – and was swiftly abandoned. Of course, there is a strong case for reform of property taxes in this country. But my suspicion is that Rachel From Accounts will use reform as cover to squeeze the middle classes until the pips squeak. As far as she is concerned our homes, pensions and savings are hers to tap for extra tax. Frightening. Beware of the Big Bad She-Wolf.
BBC News
an hour ago
- BBC News
UK independent space agency scrapped to cut costs
The UK Space Agency will cease to exist as an independent entity to cut the cost of bureaucracy, the government said on will be absorbed by the Department for Science, Innovation and Technology (DSIT) in April government says this will save money, cut duplication and ensure ministerial one leading space scientist said the move would lead to disruption in the short term and the UK losing ground to its international competitors over the long run. Dr Simeon Barber of the Open University feared that scrapping UKSA would lead to Britain's space sector "losing focus"."Around the world countries have been recognising the importance of space by setting up national space agencies, and for the government to be scrapping ours seems like a backward step," he said. UKSA was created 2010 in response to the growing importance of the sector to the economy. The development of small spacecraft, satellites and space instrumentation is a field that the UK excels at, thanks in part due to the agency. Its role is to develop the country's space strategy, coordinate research and commercial activities and liaise with international partners. During its tenure UKSA saw a UK astronaut, Tim Peake launched into space to work on the International Space Station and the development of Britain's own capability to launch small satellites and other small payloads into space from space sector generates an estimated £18.6bn a year and employs 55,000 people across the agency, its budget and activities will now be absorbed into DSIT. It follows a commitment from Prime Minister Keir Starmer to reduce costs and cut the number of arms length government bodies, known as quangos (quasi-autonomous non-governmental organisations), starting with the abolition of NHS England announced in minister Sir Chris Bryant said: "Bringing things in house means we can bring much greater integration and focus to everything we are doing while maintaining the scientific expertise and the immense ambition of the sector."The merger will see the agency become a unit within DSIT, staffed by experts from both organisations and retaining the UKSA supporters of the space agency, such as Dr Barber fear that this will mean a loss of the agency's dynamic, proactive approach which has proved to be so successful for the UK's space science and its space industry. He said there was a danger of moving to more bureaucratic, less incentivised ways of working, which he said were more typical of government departments, and were the reason the agency was created in the first place."It feels like we're going to get stuck in the mud again," he told BBC News.
Auto Car
2 hours ago
- Auto Car
Vauxhall reveals 789bhp Corsa – it's faster than a Bugatti Chiron
The brand's 'Vizor' fascia has also been redesigned. While current models feature a gloss black panel, on the concept it's transparent with daytime-running lights behind. The griffin motif now also lights up. Adams said this is an element that Vauxhall is exploring for production: 'We've got a clear philosophy, but you want to find fresh new ways to refresh it, revive it, but that is still anchored in good core DNA. So we're not throwing everything away every time we want to refresh it. And that's just an example where we're exploring.' While the interior is a stripped-out affair, it still houses potential production elements, said Adams. The bucket seats, for example, are split in two, with the backrest hung from the roll-cage and the seat attached to the floor. This makes 'one of the heaviest parts of the car much lighter' than in today's EVs – 'a fundamental rethink'. In an effort to reduce the driver's mental load, the concept doesn't contain any screens. Only a handful of physical buttons are present for key functions. Future of GSE In July, Vauxhall relaunched the GSE sub-brand as a badge for performance-honed EVs with the 276bhp Mokka GSE. This Corsa concept, however, moves the dial even further and shows where Vauxhall wants to take GSE, said Adams. It gets 789bhp and 590lb ft of torque from a dual-motor powertrain, weighs just 1170kg and is claimed to hit 62mph in 2.0sec – faster than a Bugatti Chiron. Top speed is capped at 199mph. These figures are hypothetical, however, given that the car can be driven only in the Gran Turismo video game. However, Adams argued that the figures are 'realistic' and could 'in theory' make it to a production model, saying: 'If you were going to get a max but be on the realistic end of max, then they are believable figures.'
