First Ever Official Icelandic Cryptocurrency Exchange Open for Business

First-Ever Official Icelandic Cryptocurrency Exchange Open for Business

Exchanges, Law and Regulation, News

First Ever Official Icelandic Cryptocurrency Exchange Open for BusinessAs the crypto revolution continues across most countries in the world, the first ever official Icelandic cryptocurrency exchange is now open for business as the nation takes a major step towards crypto adoption in the Nordic region.

The first ever official Icelandic cryptocurrency exchange platform, Skiptimynt, is starting small but promises to get bigger over the course of 2018 as the nation’s crypto scene grows and evolves.

The evolving nature of the Icelandic cryptocurrency market

Although Skiptimynt might be the first ever official exchange on the Icelandic cryptocurrency scene, technically speaking, it is not the first trading platform in the country, but it is the first ‘official’ one. Skiptimynt is the first crypto exchange in Iceland that adheres to the official exchange legislation of the Financial Supervisory Authority.

Iceland is already becoming a favorable country for crypto mining due to its geographical location near to the North Pole with a cold climate that appeals to miners looking to cut down on costs. A major part of all the energy produced in Iceland comes from renewable energy sources, and as more cryptocurrency mining operations are turning to Iceland, the nation is beginning to make its mark on the industry.

Two trading pairs for Skiptimynt

As Skiptimynt is the first ever Icelandic cryptocurrency exchange registered with the Financial Supervisory Authority, Icelandic crypto users finally have an official exchange that will bolster confidence and trust in the local crypto markets.

At the time of writing, Skiptimynt is offering just two trading pairs. You can trade both bitcoin (BTC), and auroracoin (AUR) paired with the nation’s fiat currency, the Iceland Krona (ISK). Auroracoin is an Icelandic cryptocurrency that was first established in 2014 and is the leading crypto token across the country.

With Skiptimynt now trading as an official crypto exchange, it is easier for authorities to combat and tackle illegal cryptocurrency activities such as money laundering and the financing of terrorist organizations.

The first ever crypto trading platform in Iceland was the ISK exchange that was first established in 2016 and is not registered with the Financial Supervisory Authority. ISX has not been a very successful or popular crypto exchange, so making way for the launch of Skiptimynt is not going to affect the pre-existing exchange.

The Icelandic cryptocurrency industry doesn’t often make the news, but when it does, it is usually related to crypto mining. Earlier this year in April, Crypto Disrupt talked about how 600 mining rigs worth over USD 2 million were stolen from Reykjanesbær and Borgarnes in Iceland. At the time, police arrested over a dozen people in connection with the theft, with Sindri Thor Stefansson believed to be the ringleader in the operation. Although cryptocurrency mining is on the decline across the planet, places such as Iceland with their cooler temperatures and relatively affordable energy prices are still very attractive to miners.

The news regarding the lunch of the first official Icelandic cryptocurrency exchange that is registered with the Financial Supervisory Authority represents a much more positive story for the nation as it aims to grow its fledgling crypto industry.

I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.

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