Regulated activity

Issuing e-money tokens

MiCA Title IV, Article 48 reserves e-money token (EMT) issuance, a token pegged to a single official currency, to electronic money institutions and credit institutions. An EMI needs EUR 350,000 of initial capital to qualify, and every holder gets an unconditional right to redeem at par. The authorisation passports across the EEA.

Last verified 2026-09-24Markdown · Data (CC BY 4.0)
Issuing e-money tokens: regulated activityMiCA

Definition

Offering to the public, or seeking admission to trading of, a token that references the value of a single official currency.

Which licence you need

Licence families that typically permit this activity:

Where it can be licensed

Jurisdictions where issuing e-money tokens can be licensedLithuaniaLuxembourgNetherlandsSpainUnited Arab Emirates
Licences in the Atlas that permit this activity
EU/EEA passportDomestic
Lithuania: Electronic money institution licence for non-limited activity✓
Luxembourg: Electronic money token issuer authorisation / notification✓
Netherlands: Asset-referenced token (ART) issuer licence✓
Netherlands: E-money token (EMT) issuer notification✓
Spain: MiCA EMT and ART token issuer authorization✓
United Arab Emirates: Payment Token Issuer Licence (Dirham Payment Tokens)✓

Frequently asked questions

Can a standard crypto startup issue an e-money token directly under MiCA?

No. MiCA reserves e-money token issuance to authorised credit institutions and electronic money institutions. A startup that wants to issue a single-currency stablecoin in the EU has to get a banking licence or an EMI authorisation first.

Are holders of e-money tokens entitled to claim redemption at par?

Yes. The issuer must let a holder redeem an e-money token for official currency at par value at any time, with no conditions attached. A redemption fee is only allowed where the approved white paper sets one out in advance.

Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

  1. MiCA Title IV, Art. 48 · retrieved 2026-09-24

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