{"id":548,"date":"2023-08-24T09:59:24","date_gmt":"2023-08-24T07:59:24","guid":{"rendered":"https:\/\/ackeeblockchain.com\/blog\/?p=548"},"modified":"2025-02-19T14:08:30","modified_gmt":"2025-02-19T12:08:30","slug":"monerium-audit-summary","status":"publish","type":"post","link":"https:\/\/ackee.xyz\/blog\/monerium-audit-summary\/","title":{"rendered":"Monerium: Audit Summary"},"content":{"rendered":"

Monerium<\/a> is a financial technology company with the mission of making digital currency accessible, secure, and simple to transact. It is the first Electronic Money Institution (EMI) licensed to issue fiat currencies onto blockchains. Monerium is authorized in the 27 European Union Member States, Iceland, Liechtenstein and Norway.
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Monerium engaged Ackee Blockchain to perform a security review of the Monerium protocol with a total time donation of <\/span>12 engineering days<\/b> in a period between <\/span>June 15 and July 4, 2023<\/b>.<\/span><\/p>\n

REGULATIONS IN CRYPTO<\/b><\/h2>\n

Monerium EMI ehf. is authorized and regulated as and Electronic Money Institution under the Icelandic Electronic Money Act No. 17\/2013 which implements the European Directive 2009\/110\/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions.\u00a0<\/span><\/p>\n

The importance of crypto regulations became clear as <\/span>Markets in Crypto-Assets Regulation (MiCA)<\/span><\/a> was introduced. MiCA is a regulatory framework proposed by the European Commission to address the growing use of cryptocurrencies and other crypto-assets within the European Union (EU) which entered into force in June 2023. One of the outcomes of MiCA is a requirement on regular audits (every six months) by independent (3rd party) auditors, such as Ackee Blockchain.<\/span><\/p>\n

EURE ELECTRONIC MONEY (EMONEY)<\/b><\/h2>\n

Monerium’s e-money, known as EURe<\/a>, is a digital alternative to cash, stored electronically and backed 1:1 by high-quality liquid assets. As a regulated entity, Monerium ensures seamless transfers between bank accounts and blockchain wallets. Unlike traditional bank deposits, e-money funds are held in segregated accounts, providing extra security and reliability. Recognized within the European Union, EURe offers a legally de-risked, stable form of digital currency, enhancing financial transactions’ efficiency and safety.<\/p>\n

METHODOLOGY<\/b><\/h2>\n

We began our review by using static analysis tools, namely <\/span>Woke<\/span>. We then took a deep dive into the logic of the contracts. For testing, we have involved <\/span>Woke <\/span>testing framework. During the review, we paid special attention to:<\/span><\/p>\n