Erscheinung:01.09.2022, Stand:updated on 21.02.2025How does MiCAR regulate the issuance of EMTs?
Authorisation to issue EMTs is not granted to just anyone or any company. No EMTs are to be offered to the public in the EU or admitted to trading on a trading platform for crypto-assets unless the issuer of such EMTs
- is authorised as a CRR credit institution or e-money institution and
- has submittted a crypto-asset white paper to the competent authority and published this crypto-asset white paper in accordance with Article 51 of MiCAR.
It is thus not possible to apply for separate authorisation to issue EMTs; existing authorisation for credit institutions or e-money institutions constitutes the prerequisite for additionally issuing EMTs.
Since e-money tokens, as their name implies, are closely related to e-money, EMTs are explicitly to be regarded as e-money. In addition, EMT issuers are expected to comply to a large extent with the provisions of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (EMD2), with only a few specific adjustments. Key aspects include the token holder’s right to the reimbursement of the EMTs at par value at any moment and compliance with the security requirements under EMD2.
