Elliptic, the global leader in digital asset decisioning has partnered with Monerium, an authorized and regulated Electronic Money Institution (EMI), to streamline compliance, automate cross-chain AML screening, and offer real-time monitoring to manage regulatory requirements efficiently.
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.”