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Text as of 9 Jun 2023 · Original act (Official Journal of 9 June 2023) · Same wording as today’s text.Today’s text

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

Financial servicesLevel 1RegulationMiCAStage: AdoptedVerifiedOfficial source

48(1)

1.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:

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48(1)(a)
(a)is authorised as a credit institution or as an electronic money institution; and
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48(1)(b)
(b)has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51.
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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.

48(2)

2.E-money tokens shall be deemed to be electronic money.

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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.

48(3)

3.Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.

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48(4)

4.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.

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48(5)

5.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.

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48(6)

6.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.

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48(7)

7.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.

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