You've missed the point: they are not incorporated in Iceland. They are incorporated in Italy. Move their servers does them no good, and doesn't do anything to reduce their exposure.
An analogy: a company can move all its money offshore to reduce its tax liability, but only if at the same time it sets up a offshore limited liability subsidiary to handle that. Just moving all your money one day to the Cayman Islands without any of the legal and corporate work associated with it doesn't reduce your tax bill.
Similarly, it doesn't matter if Clipperz servers are hosted in Iceland unless said servers are owned and managed by a Clipperz subsidiary based in Iceland and not subject to Italian law. It sounds like they think they've figured out a clever wheeze, but they haven't at all:
> Clipperz was born as an Italian company subject to Italian laws and so it will remain. We are not planning to move people or assets out of Italy, we just moved the tech infrastructure to a place where our fundamental rights enjoy better protection.
Moving the tech whilst keeping the entire company in Italy and subject to Italian laws doesn't give their fundamental rights any better protection.