MiCA EMT issuer requirements: credit institution or EMI, par-value issuance/redemption, safeguarding, PSD2 overlap, Articles 48–58.
Only authorized credit institutions or electronic money institutions (EMIs) established in the EU may issue EMTs. EMTs reference a single official currency and must be issued and redeemed at par value.
EMTs reference one fiat currency (e.g. EUR stablecoins). ARTs reference a basket of assets. EMT issuers follow MiCA Title IV and EMD2; ART issuers follow Title III with different reserve and capital rules.
Often yes. EMT custody and transfer can qualify as payment services under PSD2 in addition to MiCA CASP services. The EBA's supervisory truce ended March 2, 2026, so dual licensing may be required.
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