> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mica/articles/48.md).

# Article 48 — Requirements for the offer to the public or admission to trading of e-money tokens

*In force · Consolidated version of 9 January 2024 · Checked against EUR-Lex on 19 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)

1. 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:

   **(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

   **(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](/mica/articles/51.md).

   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](/mica/articles/50.md) and [53](/mica/articles/53.md).
2. E-money tokens shall be deemed to be [electronic money](https://www.headlesslaw.com/definitions/mica/electronic-money).

   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.
3. Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.
4. 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.
5. This Title, with the exception of paragraph 7 of this Article and Article [51](/mica/articles/51.md), shall not apply in respect of e-money tokens exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC.
6. 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.
7. 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](/mica/articles/51.md).

***

#### Related

* [electronic money institution](https://www.headlesslaw.com/definitions/mica/electronic-money-institution) — definition used in this article
* [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article
* [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) — definition used in this article
* [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) — definition used in this article

### Related Level 2 and Level 3

#### Guidance and Q\&A

* [EBA Q\&A 2024\_7027 — Q\&A — CASP: non-EUR EMT trading \[Rejected question\]](/mica/level-3/q-and-a/eba/eba-qa-7027-casp-non-eur-emt-trading.md)
* [EBA Q\&A 2024\_7068 — Q\&A — EMT parallel issuance: EU and non-EU \[Question under review\]](/mica/level-3/q-and-a/eba/eba-qa-7068-emt-parallel-issuance-eu-non-eu.md)
* [EBA Q\&A 2024\_7078 — Q\&A — EMT issuers: AML/KYC obligations \[Final Q\&A\]](/mica/level-3/q-and-a/eba/eba-qa-7078-emt-issuer-aml-kyc-scope.md)
* [EBA Q\&A 2024\_7168 — Q\&A — CI/EMI passporting for ART/EMT \[Final Q\&A\]](/mica/level-3/q-and-a/eba/eba-qa-7168-passporting-ci-emi-token-issuers.md)
* [EBA Q\&A 2024\_7185 — Q\&A — ART/EMT: scope of public offering \[Final Q\&A\]](/mica/level-3/q-and-a/eba/eba-qa-7185-scope-public-offering-art-emt.md)
* [ESMA Q\&A 2404 — Q\&A — Services for non-compliant ARTs/EMTs \[Answer Published\]](/mica/level-3/q-and-a/esma/esma-qa-2404-non-compliant-art-emt-trading.md)
* [ESMA75-113276571-1742 — Opinion — Non-MiCA-compliant ARTs and EMTs \[published\]](/mica/level-3/opinions/esma75-113276571-1742-opinion-on-non-mica-compliant-arts-and-emts.md)
* [EBA — Opinion — PSD2 / MiCA Interplay \[published\]](/mica/level-3/opinions/opinion-psd2-mica-interplay.md)

***

[Title IV — E-money tokens](/mica/titles/iv.md) › Chapter 1 — Requirements to be fulfilled by all issuers of e-money tokens · [← Article 47](/mica/articles/47.md) · [Article 49 →](/mica/articles/49.md)