# Issuing e-money tokens

Source page: https://protegra.io/licensing/activities/emt-issuance/

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.

## Definition

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

- MiCA, Title IV, Art. 48: [official text](https://eur-lex.europa.eu/eli/reg/2023/1114/oj)

## Which licence you need

Licence families that typically permit this activity:

- [Stablecoin / e-money token issuer](https://protegra.io/licensing/licences/stablecoin-issuer/)
- [Electronic money institution (EMI)](https://protegra.io/licensing/licences/emi/)
- [Bank / credit institution](https://protegra.io/licensing/licences/bank/)

- [EMI · LithuaniaElectronic money institution licence for non-limited activityLB · capital EUR 350,000](https://protegra.io/licensing/licences/emi/lithuania/)
- [EMT/ART · LuxembourgElectronic money token issuer authorisation / notificationElectronic money token issuer authorisation / notification under MiCA RegulationCSSF](https://protegra.io/licensing/licences/stablecoin-issuer/luxembourg/)
- [EMT/ART · NetherlandsAsset-referenced token (ART) issuer licenceAsset-referenced token (ART) issuer licence under EU MiCADNB](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-art/)
- [EMT/ART · NetherlandsE-money token (EMT) issuer notificationE-money token (EMT) issuer notification under EU MiCADNB](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-emt/)
- [EMT/ART · SpainMiCA EMT and ART token issuer authorizationBdE](https://protegra.io/licensing/licences/stablecoin-issuer/spain/)
- [EMT/ART · United Arab EmiratesPayment Token Issuer Licence (Dirham Payment Tokens)CBUAE](https://protegra.io/licensing/licences/stablecoin-issuer/uae/)

## Where it can be licensed

| | EU/EEA passport | Domestic |
| --- | --- | --- |
| [Lithuania: Electronic money institution licence for non-limited activity](https://protegra.io/licensing/licences/emi/lithuania/) | ✓ | |
| [Luxembourg: Electronic money token issuer authorisation / notification](https://protegra.io/licensing/licences/stablecoin-issuer/luxembourg/) | ✓ | |
| [Netherlands: Asset-referenced token (ART) issuer licence](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-art/) | ✓ | |
| [Netherlands: E-money token (EMT) issuer notification](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-emt/) | ✓ | |
| [Spain: MiCA EMT and ART token issuer authorization](https://protegra.io/licensing/licences/stablecoin-issuer/spain/) | ✓ | |
| [United Arab Emirates: Payment Token Issuer Licence (Dirham Payment Tokens)](https://protegra.io/licensing/licences/stablecoin-issuer/uae/) | | ✓ |

## 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.

## Sources

1. [MiCA Title IV, Art. 48](https://eur-lex.europa.eu/eli/reg/2023/1114/oj): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.