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

Summary What does Article 48 of the MiCA regulation say?

This article establishes the gateway conditions for offering e-money tokens to the public or seeking their admission to trading within the Union.

It sits at the opening of Title IV and acts as the foundational authorisation framework for e-money tokens, drawing a direct and explicit link to the existing electronic money regulatory regime under Directive 2009/110/EC.

Only the issuer of an e-money token may make such an offer, and only if that issuer already holds authorisation as a credit institution or electronic money institution and has fulfilled the white paper notification and publication requirements under Article 51.

The article also clarifies that e-money tokens are to be treated as electronic money under existing law, and carves out exemptions for certain issuers already exempt under Directive 2009/110/EC, though even exempt issuers must still produce and notify a white paper in some cases.

Important points:

If you are an issuer of e-money tokens, you must be authorised as a credit institution or electronic money institution and have notified and published a compliant crypto-asset white paper before making any public offer or seeking admission to trading.
Third parties may offer or seek admission to trading of an e-money token, but only with the issuer's written consent and subject to compliance with Articles 50 and 53.
Notify your competent authority of the intention to offer or seek admission to trading at least 40 working days before the intended date.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

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:
  1. is authorised as a credit institution or as an electronic money institution; and
  2. has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51.
2. 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.
1. E-money tokens shall be deemed to be electronic money.
2. 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.
1. Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.
1. 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.
1. 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.
1. 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.
1. 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.

Table of contents

Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.

Relevant recitals