1. Parties and scope
These terms are a contract between you and Olbra ApS (CVR 39729482), Krudtløbsvej 12, 1439 København K, Denmark (“Olbra”, “we”, “our”).
Olbra ApS is an e-money institution authorised by Finanstilsynet, the Danish Financial Supervisory Authority, on 11 February 2025, with an extension for the issuance of e-money tokens under Regulation (EU) 2023/1114 (MiCA). Full identification details are in our imprint.
These terms cover onboarding through this platform and the issuance and redemption of the e-money tokens EURY, PLNY and USDY. The full terms of each token are set out in its MiCA whitepaper, published at EMT holder & redemption rights. Where these terms and a whitepaper conflict on the characteristics of a token, the whitepaper prevails.
2. Eligibility
To use this platform you must:
- be at least 18 years old;
- not be a resident or national of any jurisdiction subject to comprehensive sanctions by the EU, the United Nations, or the United States; and
- not appear on any sanctions list maintained by the EU, the U.S. Office of Foreign Assets Control (OFAC), or HM Treasury.
We may decline an application, or end the relationship, where we cannot complete customer due diligence to the standard the law requires.
3. Your obligations
You agree to:
- provide truthful and complete information during onboarding;
- complete the declaration in section 8 of the onboarding questionnaire in good faith;
- notify us within 30 days of any material change to the information you gave us — including address, employment, source of funds, or PEP status;
- provide additional documentation we reasonably request for AML / CTF purposes; and
- keep sole control of the private keys to any wallet address you submit.
4. Our obligations
We will:
- handle your onboarding application in good faith and decide it by human review;
- process your personal data in accordance with our privacy policy;
- safeguard the funds backing issued tokens in accordance with MiCA and the Danish Payments Act; and
- redeem your tokens on the terms in section 6.
We aim to decide a complete KYC application within five business days. That is a target, not a guaranteed service level.
5. Issuance
Tokens are issued on receipt of cleared funds in the designated account, at par value against the official currency the token references, to the verified wallet address you provide.
Incoming transfers are subject to your own bank’s checks, processing times and fees. We are not responsible for transfers that your bank or an intermediary delays, blocks or reverses. We do not guarantee a specific issuance time; typical processing is one to two business days after funds clear.
Where funds arrive that we cannot attribute to an onboarded customer, we hold them pending investigation and may return them to the ordering account.
6. Redemption — your Article 49 right
You may redeem your tokens at any time and at par value, in the official currency the token references, in accordance with Article 49 of MiCA. Redemption is a legal right you hold against us, not a service we grant at our discretion.
Redemption is free of charge. We levy no fee for redeeming at par. Costs charged by your own bank or by a blockchain network for the transfer itself are outside our control and are yours.
Redemption proceeds are paid only to a bank account in your name that we have verified. We do not pay redemption proceeds to third parties.
We may pause or refuse an individual redemption only where AML / CTF law, a sanctions measure, or a binding order from a competent authority requires it, and only for as long as that requirement lasts.
The operational procedure and timing for each token are set out in Part D of its whitepaper. See EMT holder & redemption rights.
7. Fees
The fees applicable to your account are those disclosed to you in the application before you incur them. No fee is charged for redemption at par (section 6). We will give you at least 30 days’ notice by email before introducing or increasing a fee, and you may end this agreement free of charge before the change takes effect.
8. What an e-money token is, and is not
E-money tokens bear no interest. In accordance with Article 50 of MiCA, no interest and no other benefit related to the length of time you hold a token is granted.
They are not deposits. They are not covered by the Danish Guarantee Fund or by any other deposit-guarantee scheme. Your protection comes from MiCA’s full-reserve, segregation and redemption rules.
Nothing on this platform is financial, investment, tax or legal advice, and nothing here is an offer of securities. The principal risks are set out in our risk disclosure and in Part F of each whitepaper.
9. AML / CTF, blocking and suspension
We may refuse onboarding, suspend or terminate your account, decline to act on an instruction, or report you to competent authorities where AML / CTF law requires it. Wallet addresses you submit are screened automatically and may be rejected automatically — see section 6 of the privacy policy for how to obtain human re-review.
We give you the reason for any such action whenever it is lawful for us to do so. In some cases the law prohibits us from telling you that a report has been made or why an instruction was not carried out.
10. Liability
To the maximum extent permitted by applicable law, our aggregate liability to you under these terms is limited to EUR 1,000 or the fees you have paid us in the preceding 12 months, whichever is greater, and we are not liable for indirect, incidental, consequential or punitive damages.
Nothing in this section limits liability that cannot be limited by law — including liability for gross negligence, wilful misconduct, death or personal injury caused by our negligence, or our obligation to redeem your tokens at par under section 6, which is not capped.
11. Complaints
If something goes wrong, you can complain free of charge to [email protected]. We aim to give a final answer within 15 business days. If you are not satisfied with it, you may take the matter to Det Finansielle Ankenævn or to Finanstilsynet. The full procedure is in our complaints policy.
12. Termination
You may end this agreement at any time by redeeming your tokens and closing your account. Certain data is retained afterwards under the AML rules described in our privacy policy.
We may end this agreement immediately on breach of these terms, suspected fraud, or where the law requires it; otherwise we will give you at least two months’ notice. Ending the agreement does not extinguish your right to redeem tokens you already hold.
13. Governing law and jurisdiction
These terms are governed by Danish law. Disputes are subject to the jurisdiction of the Danish courts.
If you are a consumer, this does not deprive you of the protection of mandatory provisions of the law of the country where you are habitually resident, and you retain the right to bring proceedings there. You may also use the out-of-court route in section 11 before going to court.
14. Changes and contact
We may update these terms with at least 30 days’ notice by email. If you do not accept the change you may end the agreement free of charge before it takes effect. Each version of these terms is identified by the version number shown at the top of this page, and the version you accepted is recorded against your account.
For anything relating to these terms, contact [email protected].