E-money tokens: licensing and substantive regime

2026

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This paper analyzes the EU's regulatory framework for e-money tokens under MiCAR, highlighting its dual nature as both crypto-assets and electronic money.

* Examines licensing requirements for e-money token issuers, including credit and electronic money institutions.
* Details substantive obligations, such as white paper disclosure, marketing communication, and prudential safeguards.
* Addresses foreign threats and monetary safeguards, focusing on non-MiCAR compliant and non-euro denominated stablecoins.

Keywords: e-money tokens, MiCAR, crypto-assets, electronic money, stablecoins

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