--- title: "Article 49 — Issuance and redeemability of e-money tokens" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" shortTitle: "Article 49 — Issuance and redeemability of e-money tokens" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: Regulation (EU) 2023/1114 instrument: mica celex: 32023R1114 text_version: "Consolidated version of 9 January 2024" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" check_status: matched verified: true last_checked: 2026-11-09 --- *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)* 1. 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. 2. Holders of e-money tokens shall have a claim against the [issuers](https://www.headlesslaw.com/definitions/mica/issuer) 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](https://www.headlesslaw.com/definitions/mica/funds). 4. 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. 5. 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). 6. Without prejudice to Article [46](46.md), the redemption of e-money tokens shall not be subject to a fee. *** ### Related * [electronic money](https://www.headlesslaw.com/definitions/mica/electronic-money) — definition used in this article * [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) — definition used in this article * [issuer](https://www.headlesslaw.com/definitions/mica/issuer) — definition used in this article * [funds](https://www.headlesslaw.com/definitions/mica/funds) — definition used in this article ## Related Level 2 and Level 3 ### Guidance and Q&A - [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) - [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) *** [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)