> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/pending-questions/eba-qa-7027-casp-non-eur-emt-trading.md). # CASP: non-EUR EMT trading | | | | --------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Authority** | EBA | | **Q\&A ID** | 2024\_7027 | | **Status** | Rejected | | **Legal basis** | [Article 48(1)](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md) [MiCA](https://github.com/jakesenfti/micawtf/blob/main/mica/README.md) | | **Source** | [EBA Q\&A](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7027) | > **Reason for rejection:** This question is already addressed in the [EBA July 2024 statement on application of MiCAR to ARTs and EMTs](https://www.eba.europa.eu/sites/default/files/2024-07/7dcd9ce9-96e3-4c5c-8d86-39d7784d1f03/EBA%20statement%20on%20Application%20of%20MiCAR%20to%20ARTs%20and%20EMTs.pdf) and the [ESMA January 2025 statement on stablecoins](https://www.esma.europa.eu/sites/default/files/2025-01/ESMA75-223375936-6099_Statement_on_stablecoins.pdf). *** ### Question [Article 48](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md) of MiCA states that: "A person shall not make an [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md) or seek the admission to trading of an e-money token, within the Union, unless that person is the [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) of such e-money token and: (a) is authorised as a [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/crr/credit-institution.md) or as an [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/electronic-money-institution.md)…". Does this allow a MiCA-registered CASP to receive and transmit (to a non-EU entity) or execute an order (on a non-EU trading platform) to buy or sell a non-EUR denominated EMT whose [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) is not MiCA compliant — on the basis that such activity does not constitute an "[offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md)" or "admission to trading"? ### Background Some CASPs are planning to continue providing EU-based clients the ability to trade non-EUR denominated EMTs from issuers not licensed as a [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/crr/credit-institution.md) or EMI, by providing brokerage-like MiCA services and executing orders on non-EU trading platforms. If allowed, this interpretation would distort the level playing field, since EU-based trading platforms are required to delist non-EUR denominated EMTs from non-compliant issuers, while non-EU platforms would not be subject to the same obligation. *Submitted by: Other (private institution) · 29 February 2024* *** **Source:** [EBA Single Rulebook Q\&A](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7027) ### Related * [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/electronic-money-institution.md) — defined term used on this page * [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/emd2/electronic-money-institution.md) — defined term used on this page * [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/electronic-money-institution.md) — defined term used on this page * [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md) — defined term used on this page * [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/crr/credit-institution.md) — defined term used on this page * [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/credit-institution.md) — defined term used on this page * [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/credit-institution.md) — defined term used on this page * [electronic money](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/emd2/electronic-money.md) — defined term used on this page --- # Agent Instructions This documentation is published with GitBook. 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