{"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/49","url":"https://www.headlesslaw.com/mica/articles/49","title":"Article 49 — Issuance and redeemability 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 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and redeemability of e-money tokens","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mica/art/49/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"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.","marks":[],"revision":1,"text_hash":"f3e1908beb9bd3a2a81ca85445890e7116833f91dc03140058563d3a14122421","reason":null},{"locator":"mica/art/49/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"Holders of e-money tokens shall have a claim against the issuers of those e-money tokens.","marks":[],"revision":1,"text_hash":"503e3fb7743a2b0464f202c83a8c9c622243e11b202e22a277b6e4d660048772","reason":null},{"locator":"mica/art/49/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds.","marks":[],"revision":1,"text_hash":"955390d5eef666404c62c1bd63ff0526fb3d89152dcb3a50755f1f5ed822ef7f","reason":null},{"locator":"mica/art/49/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"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.","marks":[],"revision":1,"text_hash":"23f93529c203040ad6d3ae47d1d63f71bf14a54799d510aa55351be19f74a106","reason":null},{"locator":"mica/art/49/para/5","kind":"paragraph","status":"in_force","label":"5.","heading":null,"text":"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).","marks":[],"revision":1,"text_hash":"bd188785885bb668d8e1e021ba7365f202485350a8084fe99972ecab9e62195a","reason":null},{"locator":"mica/art/49/para/6","kind":"paragraph","status":"in_force","label":"6.","heading":null,"text":"Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.","marks":[],"revision":1,"text_hash":"f4da327c15afdf00ddcc522df5a9dd9799d50c4ba96c6f25e7e5ea5109825baa","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>By way of derogation from Article 11 of Directive 2009/110/EC, in respect of the issuance and redeemability of [e-money tokens](https://www.headlesslaw.com/definitions/mica/electronic-money-token) only the requirements set out in this Article shall apply to [issuers](https://www.headlesslaw.com/definitions/mica/issuer) of e-money tokens.\n2. <a id=\"p-2\"></a>Holders of e-money tokens shall have a claim against the [issuers](https://www.headlesslaw.com/definitions/mica/issuer) of those e-money tokens.\n3. <a id=\"p-3\"></a>Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of [funds](https://www.headlesslaw.com/definitions/mica/funds).\n4. <a id=\"p-4\"></a>Upon request by a holder of an [e-money token](https://www.headlesslaw.com/definitions/mica/electronic-money-token), the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of that e-money token shall redeem it, at any time and at par value, by paying in [funds](https://www.headlesslaw.com/definitions/mica/funds), other than [electronic money](https://www.headlesslaw.com/definitions/mica/electronic-money), the monetary value of the e-money token held to the holder of the e-money token.\n5. <a id=\"p-5\"></a>Issuers of e-money tokens shall prominently state the conditions for redemption in the [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper as referred to in Article [51](51.md)(1), first subparagraph, point (d).\n6. <a id=\"p-6\"></a>Without prejudice to Article [46](46.md), the redemption of e-money tokens shall not be subject to a fee.\n\n***\n\n### Related\n\n* [electronic money](https://www.headlesslaw.com/definitions/mica/electronic-money) — definition used in this article\n* [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) — definition used in this article\n* [issuer](https://www.headlesslaw.com/definitions/mica/issuer) — definition used in this article\n* [funds](https://www.headlesslaw.com/definitions/mica/funds) — 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_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 2025_7457 — Q&A — PSD2 applicability to EMT issuance/redemption \\[Question under review\\]](../level-3/q-and-a/eba/eba-qa-7457-psd2-applicability-emt-issuance.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 48](48.md) · [Article 50 →](50.md)\n"}