{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/articles/48","url":"https://www.headlesslaw.com/mica/articles/48","title":"Article 48 — Requirements for the offer to the public or admission to trading of e-money tokens","family":"l1_hand","work_id":"mica","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":"2024-06-30","application":{"state":"applicable","next":null,"dates":[{"at":"2024-06-30","note":"Article 149(3)"}]},"version_label":"Consolidated version of 9 January 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"0ef9aa1de0a3308c","change_date":null,"nearest_versions":["2023-06-09","2024-01-09"],"first_text_date":"2023-05-31","correction_applies":false,"versions":["2023-06-09","2024-01-09"],"version_url":"https://www.headlesslaw.com/mica/articles/48/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/articles/48/versions/2024-01-09/rev/0ef9aa1de0a3308c","versions_url":"https://www.headlesslaw.com/mica/articles/48/versions","relations_url":"https://www.headlesslaw.com/mica/articles/48/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"dd36115aba307222caf83dbe32b81da57a028861739f95ebd8fffb7174ec57c7","markdown_sha256":"b93e91b7bd15a1105fe1ffff6d0cb7d255fa82954b782b6d7bdea99a2cb994a9"},"units":[{"locator":"mica/art/48","kind":"article","status":"in_force","label":null,"heading":"Requirements for the offer to the public or admission to trading of e-money tokens","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mica/art/48/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and:","marks":[],"revision":1,"text_hash":"39106b7d2e40f2c0da6d8e8d3a65f8d0996b7c1552d87d1d71731138220de2af","reason":null},{"locator":"mica/art/48/para/1/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"is authorised as a credit institution or as an electronic money institution; and","marks":[],"revision":1,"text_hash":"ea01106fb80a68e3063604ff974d3ad02d09586a1d9da5ffe69bc0a0d494a5b0","reason":null},{"locator":"mica/art/48/para/1/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51.","marks":[],"revision":1,"text_hash":"803cccb68a50eb4940a902561238f51d637448dee811463801cce7cef20362bb","reason":null},{"locator":"mica/art/48/para/1/cont/1","kind":"continuation","status":"in_force","label":null,"heading":null,"text":"Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token. Those persons shall comply with Articles 50 and 53.","marks":[],"revision":1,"text_hash":"70699b4e85e5b60285ffd299d9e609333b242296e853024f9880d9784aaf0031","reason":null},{"locator":"mica/art/48/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"E-money tokens shall be deemed to be electronic money.","marks":[],"revision":1,"text_hash":"36f3f276a8e2767e158cfad6fc3864f41abe98cc03056e133beba74e9dc4426b","reason":null},{"locator":"mica/art/48/para/2/cont/1","kind":"continuation","status":"in_force","label":null,"heading":null,"text":"An e-money token that references an official currency of a Member State shall be deemed to be offered to the public in the Union.","marks":[],"revision":1,"text_hash":"7e9202dd4addeb73fc91f4913eb8260799dea72834c751beebd03013f8eeffc9","reason":null},{"locator":"mica/art/48/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.","marks":[],"revision":1,"text_hash":"020c02bf8e1faaf10f5f467ad6d6b77948d6cde06c6b36216ca276c51d6839fb","reason":null},{"locator":"mica/art/48/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"Paragraph 1 of this Article shall not apply to issuers of e-money tokens exempted in accordance with Article 9(1) of Directive 2009/110/EC.","marks":[],"revision":1,"text_hash":"72ed3e653d86cc9aa8f0b38c60c77ac7e28bbdc0241b4502042fa5c0aa94766e","reason":null},{"locator":"mica/art/48/para/5","kind":"paragraph","status":"in_force","label":"5.","heading":null,"text":"This Title, with the exception of paragraph 7 of this Article and Article 51, shall not apply in respect of e-money tokens exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC.","marks":[],"revision":1,"text_hash":"2844e60d26aa4c8b85179849b3a57b6ce626abf0e30127fd074423a22862378c","reason":null},{"locator":"mica/art/48/para/6","kind":"paragraph","status":"in_force","label":"6.","heading":null,"text":"Issuers of e-money tokens shall, at least 40 working days before the date on which they intend to offer to the public those e-money tokens or seek their admission to trading, notify their competent authority of that intention.","marks":[],"revision":1,"text_hash":"3361e56d0adfa87bfc2158c80ff79b1cacbf70c8a020a407265734a84d684507","reason":null},{"locator":"mica/art/48/para/7","kind":"paragraph","status":"in_force","label":"7.","heading":null,"text":"Where paragraph 4 or 5 applies, the issuers of e-money tokens shall draw up a crypto-asset white paper and notify such crypto-asset white paper to the competent authority in accordance with Article 51.","marks":[],"revision":1,"text_hash":"c7e363f8441e6cb08d4cdfd2360b4d28135a010dcdd3582ae6c56797275215db","reason":null}],"markdown":"*In force · Consolidated version of 9 January 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)*\n\n1. <a id=\"p-1\"></a>A person shall not make an [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) or seek the admission to trading of an [e-money token](https://www.headlesslaw.com/definitions/mica/electronic-money-token), within the Union, unless that person is the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of such e-money token and:\n\n    <a id=\"p-1-a\"></a>**(a)** is authorised as a [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) or as an [electronic money institution](https://www.headlesslaw.com/definitions/mica/electronic-money-institution); and\n\n    <a id=\"p-1-b\"></a>**(b)** has notified a [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) and has published that crypto-asset white paper in accordance with Article [51](51.md).\n\n    Notwithstanding the first subparagraph, upon the written consent of the [issuer](https://www.headlesslaw.com/definitions/mica/issuer), other persons may [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) or seek the admission to trading of the [e-money token](https://www.headlesslaw.com/definitions/mica/electronic-money-token). Those persons shall comply with Articles [50](50.md) and [53](53.md).\n2. <a id=\"p-2\"></a>E-money tokens shall be deemed to be [electronic money](https://www.headlesslaw.com/definitions/mica/electronic-money).\n\n    An e-money token that references an [official currency](https://www.headlesslaw.com/definitions/mica/official-currency) of a Member State shall be deemed to be offered to the public in the Union.\n3. <a id=\"p-3\"></a>Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.\n4. <a id=\"p-4\"></a>Paragraph 1 of this Article shall not apply to [issuers](https://www.headlesslaw.com/definitions/mica/issuer) of e-money tokens exempted in accordance with Article 9(1) of Directive 2009/110/EC.\n5. <a id=\"p-5\"></a>This Title, with the exception of paragraph 7 of this Article and Article [51](51.md), shall not apply in respect of e-money tokens exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC.\n6. <a id=\"p-6\"></a>Issuers of e-money tokens shall, at least 40 working days before the date on which they intend to [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) those e-money tokens or seek their admission to trading, notify their [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) of that intention.\n7. <a id=\"p-7\"></a>Where paragraph 4 or 5 applies, the issuers of e-money tokens shall draw up a [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper and notify such crypto-asset white paper to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) in accordance with Article [51](51.md).\n\n***\n\n### Related\n\n* [electronic money institution](https://www.headlesslaw.com/definitions/mica/electronic-money-institution) — definition used in this article\n* [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article\n* [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) — definition used in this article\n* [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) — definition used in this article\n\n## Related Level 2 and Level 3\n\n### Guidance and Q&A\n\n- [EBA Q&A 2024_7027 — Q&A — CASP: non-EUR EMT trading \\[Rejected question\\]](../level-3/q-and-a/eba/eba-qa-7027-casp-non-eur-emt-trading.md)\n- [EBA Q&A 2024_7068 — Q&A — EMT parallel issuance: EU and non-EU \\[Question under review\\]](../level-3/q-and-a/eba/eba-qa-7068-emt-parallel-issuance-eu-non-eu.md)\n- [EBA Q&A 2024_7078 — Q&A — EMT issuers: AML/KYC obligations \\[Final Q&A\\]](../level-3/q-and-a/eba/eba-qa-7078-emt-issuer-aml-kyc-scope.md)\n- [EBA Q&A 2024_7168 — Q&A — CI/EMI passporting for ART/EMT \\[Final Q&A\\]](../level-3/q-and-a/eba/eba-qa-7168-passporting-ci-emi-token-issuers.md)\n- [EBA Q&A 2024_7185 — Q&A — ART/EMT: scope of public offering \\[Final Q&A\\]](../level-3/q-and-a/eba/eba-qa-7185-scope-public-offering-art-emt.md)\n- [ESMA Q&A 2404 — Q&A — Services for non-compliant ARTs/EMTs \\[Answer Published\\]](../level-3/q-and-a/esma/esma-qa-2404-non-compliant-art-emt-trading.md)\n- [ESMA75-113276571-1742 — Opinion — Non-MiCA-compliant ARTs and EMTs \\[published\\]](../level-3/opinions/esma75-113276571-1742-opinion-on-non-mica-compliant-arts-and-emts.md)\n- [EBA — Opinion — PSD2 / MiCA Interplay \\[published\\]](../level-3/opinions/opinion-psd2-mica-interplay.md)\n\n***\n\n[Title IV — E-money tokens](../titles/iv.md) › Chapter 1 — Requirements to be fulfilled by all issuers of e-money tokens · [← Article 47](47.md) · [Article 49 →](49.md)\n"}