Eurodollar has been authorized by the Danish FSA as Denmark's first EMT issuer under MiCA. The company issues the crypto asset USD€, a stablecoin linked to USD. With the authorization, USD€ is now classified as "funds" and thus equal to other digital money. This is also the first time under Danish law that a crypto asset is given the same regulatory status as traditional electronic money.
Eurodollar issues Euro Dollar (USD€), which is a stablecoin linked to the value of the US dollar (USD). This also makes USD€ one of the first stablecoins to be MiCA compliant.
The authorization is a 'first-of-its-kind' under Danish law because it is the first time that a crypto asset is given the same regulatory status as traditional electronic money. This is possible because e-money tokens (such as USD€) under MiCA must be considered electronic money in the Payment Act.
This evolution of the concept of "electronic money" is part of a wider European effort to regulate stablecoins. In this context, ESMA has also encouraged CASPs to specifically consider whether they offer stablecoins that do not comply with MiCA. By March 31, 2025, these CASPs must remove non-compliant stablecoins from their platforms.
Samar Law has advised Eurodollar in connection with the license application.
In addition, attorney-at-law Payam Samarghandi joins the company's board of directors.
.svg){kind=icon}
