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Eurite: 'EURI maintains compliance with stringent EU standards.'

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Eurite | https://www.aoshearman.com/en/people/baptiste-aubry

Eurite (EURI), a European-regulated stablecoin company controlled by Banking Circle, said it is compliant with "stringent EU standards." Eurite shared their statement in a September 11 post on X.

"As one of the first #MiCA regulated stablecoins, EURI maintains compliance with stringent EU standards," said . "Enhancing trust, credibility and confidence for holders."

According to a press release by A&O Shearman, Eurite (EURI) is an e-money token that became available for trading on Binance on August 28, 2024. It is the first Markets in Crypto-Assets (MiCA) regulated stablecoin and is backed by Banking Circle, a bank in the EU. "This is a landmark transaction in the EU and a milestone for the European fintech landscape. As the first MiCA-regulated stablecoin backed by a bank in the EU, Eurite sets the tone for the integration of stablecoins into the EU financial system and its robust regulatory framework," said Lead Partner at A&O Shearman, Baptiste Aubry.

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The framework and legal clarity of the Markets in Crypto-Assets (MiCA) regulations have attracted the European Union’s largest banks to enter into the crypto industry, according to a report by Cointelegraph. "European banks are moving into crypto as an asset class and tokenization technology because MiCA, the upcoming regulatory framework for Europe, is suddenly bringing full clarity for banks," said Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad.

According to a release by Elliptic, the EU’s new Markets in Crypto-Assets regulations took effect on June 30 for all stablecoin issuers, ushering in "a new era of regulatory oversight for innovators in the Crypto space." This new rule states that "issuers must now obtain approval from relevant members of state authorities before offering their tokens within the EU, or when offering stablecoins pegged to the euro or other member state currency."

Eurite is one of the first Markets in Crypto-Asset (MiCA) regulated European stablecoins issued by Banking Circle S.A., according to its website. It is pegged 1:1 with the Euro and backed 1:1 in cash by the Euro as well. Being one of the first MiCA regulated stablecoins, "it ensures compliance with stringent EU standards, enhancing trust, credibility, and confidence for holders. Regulatory compliance with MiCA ensures consumer protection, transparency, and financial stability, reducing legal risks and promoting transparency and safety."

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