Art. 49 Issuance and redeemability of e-money tokens | MiCA regulation | MiCA

This article establishes the specific issuance and redemption rules that apply to e-money tokens, explicitly displacing the equivalent provisions in Article 11 of Directive 2009/110/EC.

It is a self-contained framework governing the relationship between issuers and holders on these two core mechanics: how tokens are issued and how they are redeemed.

The rules are straightforward — issuance must be at par value upon receipt of funds, and redemption must also be at par value, in funds, at any time upon a holder's request, and free of charge.

Important points:

Issue e-money tokens only at par value and upon receipt of funds, and make redemption conditions clearly visible in the crypto-asset white paper.
Holders of e-money tokens have a direct claim against the issuer and can demand redemption at any time at par value.
The redemption of e-money tokens must not be subject to a fee.

1. 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.
1. Holders of e-money tokens shall have a claim against the issuers of those e-money tokens.
1. Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds.
1. 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.
1. 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).
1. Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.

Article 49 Issuance and redeemability of e-money tokens

Relevant recitals