{"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/54","url":"https://www.headlesslaw.com/mica/articles/54","title":"Article 54 — Investment of funds received in exchange for 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":"5c42634576346616","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/54/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/articles/54/versions/2024-01-09/rev/5c42634576346616","versions_url":"https://www.headlesslaw.com/mica/articles/54/versions","relations_url":"https://www.headlesslaw.com/mica/articles/54/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":"83db6fb77c2853e69f47b44b75b98f881b78942c2ce5b7f1e607e98919144ba2","markdown_sha256":"b15665e10de509ffbf2be459ac3c4a519e38ef23d98b53e6072259f65524b319"},"units":[{"locator":"mica/art/54","kind":"article","status":"in_force","label":null,"heading":"Investment of funds received in exchange for e-money tokens","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mica/art/54/subpara/1","kind":"subparagraph","status":"in_force","label":null,"heading":null,"text":"Funds received by issuers of e-money tokens in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following:","marks":[],"revision":1,"text_hash":"14a337acbad84cbda73571904adccbeebb1c36c9ea72a3d989c2c63d482e63c7","reason":null},{"locator":"mica/art/54/subpara/1/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"at least 30 % of the funds received is always deposited in separate accounts in credit institutions;","marks":[],"revision":1,"text_hash":"6ffc175761a7f83e4f488e3832fc60f30dcb7243fb081078ab8cfedcbf7e835e","reason":null},{"locator":"mica/art/54/subpara/1/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token.","marks":[],"revision":1,"text_hash":"a22ecd81f1c5b7c50d37d0b5304bc1ea4f7b1d9ac1fd315bdd29954f2f78ecee","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\n[Funds](https://www.headlesslaw.com/definitions/mica/funds) received by [issuers](https://www.headlesslaw.com/definitions/mica/issuer) of [e-money tokens](https://www.headlesslaw.com/definitions/mica/electronic-money-token) in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following:\n\n<a id=\"p-a\"></a><a id=\"p-1\"></a>**(a)** at least 30 % of the [funds](https://www.headlesslaw.com/definitions/mica/funds) received is always deposited in separate accounts in [credit institutions](https://www.headlesslaw.com/definitions/mica/credit-institution);\n\n<a id=\"p-b\"></a><a id=\"p-2\"></a>**(b)** the remaining [funds](https://www.headlesslaw.com/definitions/mica/funds) received are invested in secure, low-risk assets that qualify as highly liquid [financial instruments](https://www.headlesslaw.com/definitions/mica/financial-instrument) with minimal market risk, credit risk and concentration risk, in accordance with Article [38](38.md)(1) of this Regulation, and are denominated in the same [official currency](https://www.headlesslaw.com/definitions/mica/official-currency) as the one referenced by the [e-money token](https://www.headlesslaw.com/definitions/mica/electronic-money-token).\n\n***\n\n### Related\n\n* [official currency](https://www.headlesslaw.com/definitions/mica/official-currency) — 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 2024_7069 — Q&A — Scope of Recital 54 and Article 54 \\[Question under review\\]](../level-3/q-and-a/eba/eba-qa-7069-recital-54-article-54-significance.md)\n- [EBA Q&A 2025_7591 — Q&A — EMT issuance: bank segregated account \\[Rejected question\\]](../level-3/q-and-a/eba/eba-qa-7591-emt-issuance-bank-segregated-account.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 53](53.md) · [Article 55 →](55.md)\n"}