> 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/54.md).

# Article 54 — Investment of funds received in exchange for 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)

[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:

**(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);

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

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#### Related

* [official currency](https://www.headlesslaw.com/definitions/mica/official-currency) — 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 \[Question under review\]](/mica/level-3/q-and-a/eba/eba-qa-7068-emt-parallel-issuance-eu-non-eu.md)
* [EBA Q\&A 2024\_7069 — Q\&A — Scope of Recital 54 and Article 54 \[Question under review\]](/mica/level-3/q-and-a/eba/eba-qa-7069-recital-54-article-54-significance.md)
* [EBA Q\&A 2025\_7591 — Q\&A — EMT issuance: bank segregated account \[Rejected question\]](/mica/level-3/q-and-a/eba/eba-qa-7591-emt-issuance-bank-segregated-account.md)

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[Title IV — E-money tokens](/mica/titles/iv.md) › Chapter 1 — Requirements to be fulfilled by all issuers of e-money tokens · [← Article 53](/mica/articles/53.md) · [Article 55 →](/mica/articles/55.md)