Denmark applies the EU’s MiCA regime to stablecoins. Tokens fall under EMTs (fiat-pegged) and ARTs (basket-referenced), with Finanstilsynet as the national competent authority for all MiCA titles. MiCA requirements (already in force EU-wide) cover authorisation, governance, 1:1 liquid reserves and par-value redemption for EMTs, plus robust disclosures and supervision for ARTs. A Danish tax reform on crypto—including possible mark-to-market taxation from 2026—has been proposed by the Tax Law Council but not enacted; the government postponed the bill for further consultation. Separately, Danske Bank joined a nine-bank EU consortium planning a MiCA-compliant euro stablecoin for H2-2026; this is a pan-EU initiative and not an authorisation of a Danish EMT issuer.