EU regulatory register · MiCA
Article 49Issuance and redeemability of e-money tokens
CELEX 32023R1114 · Read on 2026-08-18
Official text
Read from the EU Publications Office for this CELEX number. The wording stands as published; nothing here is rewritten or summarised.
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.
The text is quoted from the official source and is not legal advice. A national court reads the language version that binds in its jurisdiction.
Verifiable trust signals
- Six fixed blocks, one source per line
- No sentence written by a language model
- Engine version and read date on every answer
- No customer data, no documents, no advice
- Model card and audit published under the EU AI Act