Article 49: Issuance and redeemability of e-money tokens
agent:eu:mica:art-49 · sha256 dae5b6725b94d014
Turnover framework under the act
The act sets no turnover framework. Penalties are laid down by the Member States.
Affected roles
Not in the register yet.
Affected industries
banking
Obligations
Not in the register yet.
Article text
1. By way of derogation from Article 11 of Directive 2009/110/EC, in respect of the issuance and redeemability of e-money tokens only the requirements set out in this Article shall apply to issuers of e-money tokens.
2. Holders of e-money tokens shall have a claim against the issuers of those e-money tokens.
3. Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds.
4. Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token.
5. Issuers of e-money tokens shall prominently state the conditions for redemption in the crypto-asset white paper as referred to in Article 51(1), first subparagraph, point (d).
6. Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.
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