FAQ

GNRC is Europe’s first MiCA-registered asset-referenced token, backed by ethically sourced Greenland rubies and sapphires.

Below we answer the most common questions from investors, partners, and journalists. For full details, please see our [Whitepaper] or visit the [Compliance Center].

Basics

  • GNRC (Greenland Reserve Coin) is an EU-registered asset-referenced token (ART) under MiCA. Each GNRC is designed to represent 1 EUR in value, backed by a segregated reserve of rubies and sapphires.

  • GNRC is issued by The Mint AS, a Norwegian company. Issuance and burning operations are carried out by NBX (Norwegian Block Exchange) under instruction from The Mint.

  • GNRC is created (minted) when gemstones are placed into segregated custody and destroyed (burned) when gemstones are redeemed. Token supply is always matched to the value of the reserve.

  • No. Investors own GNRC tokens, which are backed by the gemstone reserve. The reserve remains in custody and is audited, valued, and insured on behalf of all token holders.

Reserves & Scarcity

  • A segregated pool of Greenland rubies and sapphires held in Bangkok under custody agreements. These gemstones are traceable, ethically sourced, and insured.

  • The Greenland mine that produced the gemstones is now closed, making the reserve finite. No new supply can be created, reinforcing GNRC’s long-term scarcity.

  • The custodian provides monthly (year 1) and then quarterly valuation statements based on a Reserve Valuation Basis (RVB), set conservatively at 50% of prevailing retail prices.

  • All reserves are stored in secure, segregated custody facilities in Bangkok. Independent attestations confirm the gemstone counts and carats.

    • Custodian attestations: quarterly

    • Independent valuation statements: monthly in year 1, then quarterly

    • Full independent audit: annually

  • The reserve is built from gemstones mined in Greenland under strict environmental and labor standards, with full traceability from mine to market. Unlike many rubies and sapphires on the global market, these are certified conflict-free, ethically sourced, and documented with chain-of-custody certificates.

Trading & Market Access

  • GNRC is listed on NBX (Norwegian Block Exchange) with trading pairs in EUR and USDT. Additional listings are planned with other regulated European exchanges.

  • At launch: GNRC/EUR (primary), GNRC/USDM (secondary when live).

  • Tokens are minted or burned by NBX under instruction from The Mint AS. Redemption requires GNRC to be burned before gemstones are released from custody.

  • NBX is GNRC’s exchange and operational partner. It provides KYC/AML onboarding, acts as mint/burn agent under issuer instruction, and supports market liquidity through NBX Capital.

Compliance & Governance

  • Unlike unregulated tokens, GNRC is registered under MiCA and falls under EU law. Unlike stablecoins, it is backed by non-currency assets. Unlike securities, it does not represent shares or debt.

  • MiCA requires segregation of reserves, redemption rights, transparency through attestations and audits, and strict oversight by regulators.

  • GNRC has an Oversight Committee that supervises governance, reviewing reporting from the custodian, valuator, and issuer, and escalating discrepancies.

  • The dashboard shows gemstone counts, carats, reserve valuation, tokens outstanding, coverage ratio, and links to the latest custodian attestations, valuation statements, and audit reports.