MiCA, Article 39, DE

1. Holders of asset-referenced tokens shall have a right of redemption at all times against the issuers of the asset-referenced tokens, and in respect of the reserve assets when issuers are not able to meet their obligations as referred to in Chapter 6 of this Title. Issuers shall establish, maintain and implement clear and detailed policies and procedures in respect of such permanent right of redemption.

2. Upon request by a holder of an asset-referenced token, an issuer of such token shall redeem either by paying an amount in funds, other than electronic money, equivalent to the market value of the assets referenced by the asset-referenced token held or by delivering the assets referenced by the token. Issuers shall establish a policy on such permanent right of redemption setting out:

(a)

the conditions, including thresholds, periods and timeframes, for holders of asset-referenced tokens to exercise such right of redemption;

(b)

the mechanisms and procedures to ensure the redemption of the asset-referenced tokens, including in stressed market circumstances, as well as in the context of the implementation of the recovery plan set out in Article 46 or, in the case of an orderly redemption of asset-referenced tokens, under Article 47;

(c)

the valuation, or the principles of valuation, of the asset-referenced tokens and of the reserve assets when the right of redemption is exercised by the holder of asset-referenced tokens, including by using the valuation methodology set out in Article 36(11);

(d)

the conditions for settlement of the redemption; and

(e)

measures that the issuers take to adequately manage increases or decreases in the reserve of assets in order to avoid any adverse impacts on the market of the reserve assets.

Where issuers, when selling an asset-referenced token, accept a payment in funds other than electronic money, denominated in an official currency, they shall always provide an option to redeem the token in funds other than electronic money, denominated in the same official currency.

3. Without prejudice to Article 46, the redemption of asset-referenced tokens shall not be subject to a fee.

Official source

Version: c0e5065bff5dbfed

SHA-256: sha256:c0e5065bff5dbfed9996e5ea13fe6d0b1dd416b39e9d20720693230076ed4f3d

• Article 1
• Article 2
• Article 3
• Article 4
• Article 5
• Article 6
• Article 7
• Article 8
• Article 9
• Article 10
• Article 11
• Article 12
• Article 13
• Article 14
• Article 15
• Article 16
• Article 17
• Article 18
• Article 19
• Article 20
• Article 21
• Article 22
• Article 23
• Article 24
• Article 25
• Article 26
• Article 27
• Article 28
• Article 29
• Article 30
• Article 31
• Article 32
• Article 33
• Article 34
• Article 35
• Article 36
• Article 37
• Article 38
• Article 40
• Article 41
• Article 42
• Article 43
• Article 44
• Article 45
• Article 46
• Article 47
• Article 48
• Article 49
• Article 50
• Article 51
• Article 52
• Article 53
• Article 54
• Article 55
• Article 56
• Article 57
• Article 58
• Article 59
• Article 60
• Article 61
• Article 62
• Article 63
• Article 64
• Article 65
• Article 66
• Article 67
• Article 68
• Article 69
• Article 70
• Article 71
• Article 72
• Article 73
• Article 74
• Article 75
• Article 76
• Article 77
• Article 78
• Article 79
• Article 80
• Article 81
• Article 82
• Article 83
• Article 84
• Article 85
• Article 86
• Article 87
• Article 88
• Article 89
• Article 90
• Article 91
• Article 92
• Article 93
• Article 94
• Article 95
• Article 96
• Article 97
• Article 98
• Article 99
• Article 100
• Article 101
• Article 102
• Article 103
• Article 104
• Article 105
• Article 106
• Article 107
• Article 108
• Article 109
• Article 110
• Article 111
• Article 112
• Article 113
• Article 114
• Article 115
• Article 116
• Article 117
• Article 118
• Article 119
• Article 120
• Article 121
• Article 122
• Article 123
• Article 124
• Article 125
• Article 126
• Article 127
• Article 128
• Article 129
• Article 130
• Article 131
• Article 132
• Article 133
• Article 134
• Article 135
• Article 136
• Article 137
• Article 138
• Article 139
• Article 140
• Article 141
• Article 142
• Article 143
• Article 144
• Article 145
• Article 146
• Article 147
• Article 148
• Article 149

Geographical article agents

Source: NovaCopilot