EU Markets in Crypto-Assets Regulation (MiCA)
MiCA - E-Money Tokens (Title IV)

EU Markets in Crypto-Assets Regulation (MiCA) MiCA-Art.48_49_50_51_52: EMT issuance requirements + redeemability + no interest + white paper + liability (Articles 48-52)

Article 48 requires that an EMT may only be offered to the public or admitted to trading by an issuer that is either an authorised credit institution or an authorised e-money institution under Directive (EU) 2009/110/EC (EMD2). Article 49 sets the issuance and redeemability rules: EMTs are issued at par value on receipt of funds, the issuer must redeem at any time at par value the monetary value of the EMT in funds upon request, free of charge except for justified costs. Article 50 prohibits granting interest to EMT holders. Article 51 sets the content + form of the EMT crypto-asset white paper. Article 52 establishes civil liability of EMT issuers for the information given in the white paper.

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