# Stablecoin / e-money token issuer

Source page: https://protegra.io/licensing/licences/stablecoin-issuer/

A stablecoin issuer authorisation lets a company issue tokens pegged to a currency or a basket of assets. MiCA splits these into e-money tokens, which only a credit institution or EMI may issue, and asset-referenced tokens, which need their own separate authorisation. Singapore, Hong Kong and the UAE, among others, run their own dedicated stablecoin regimes outside the EU.

## Where the EMT/ART licence is available

_Jurisdictions in the Atlas that issue a EMT/ART licence. Click a country for its page._

## Comparison by country

| Country | Regulator | Min. capital | Statutory time | Passport |
| --- | --- | --- | --- | --- |
| [Luxembourg](https://protegra.io/licensing/licences/stablecoin-issuer/luxembourg/) | [CSSF](https://protegra.io/licensing/regulators/cssf-luxembourg/) |: |: | EU/EEA |
| [Netherlands](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-art/) | [DNB](https://protegra.io/licensing/regulators/dnb-netherlands/) |: | 7.9 mo | EU/EEA |
| [Netherlands](https://protegra.io/licensing/licences/stablecoin-issuer/netherlands-emt/) | [DNB](https://protegra.io/licensing/regulators/dnb-netherlands/) |: |: | EU/EEA |
| [Spain](https://protegra.io/licensing/licences/stablecoin-issuer/spain/) | [BdE](https://protegra.io/licensing/regulators/banco-de-espana/) |: |: | EU/EEA |
| [United Arab Emirates](https://protegra.io/licensing/licences/stablecoin-issuer/uae/) | [CBUAE](https://protegra.io/licensing/regulators/cbuae/) |: | 2.8 mo | Domestic |

Values come from each country's page, where every figure has its source.

## Activities this family typically covers

- [Issuing asset-referenced tokens](https://protegra.io/licensing/activities/art-issuance/)
- [Issuing e-money tokens](https://protegra.io/licensing/activities/emt-issuance/)

## All licences in this family

- [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/)

## Sources

1. [MiCA Regulation (EU) 2023/1114, Titles III and IV](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.