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EU regulatory register · MiCA

Article 49Issuance and redeemability of e-money tokens

CELEX 32023R1114 · Read on 2026-08-18

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Short answer

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.

Verbatim from the article. Source: NovaCopilot · https://legal.exploreworldai.com/eu/rattsakter/mica-2023-1114/artikel-49 · Short answer as data · Official text

MiCA, crypto-assets in short

Crypto-asset service providers need authorisation, and issuers need a white paper. Stablecoins have special rules.

Source: NovaCopilot

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.

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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.

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