> 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/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md).

# Article 48

|                 |                                                                                 |
| --------------- | ------------------------------------------------------------------------------- |
| **Instrument**  | Regulation (EU) 2023/1114 (MiCA)                                                |
| **Source**      | [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114) |
| **Status**      | In force                                                                        |
| **Review rule** | Legal-text changes require human review                                         |

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

1. A person shall not make an [offer to the public](https://www.mica.wtf/definitions/definitions/mica/offer-to-the-public) or seek the admission to trading of an [e-money token](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token), within the Union, unless that person is the [issuer](https://www.mica.wtf/definitions/definitions/mica/issuer) of such e-money token and:

   1. is authorised as a [credit institution](https://www.mica.wtf/definitions/definitions/mica/credit-institution) or as an [electronic money institution](https://www.mica.wtf/definitions/definitions/mica/electronic-money-institution); and
   2. has notified a [crypto-asset](https://www.mica.wtf/definitions/definitions/mica/crypto-asset) white paper to the [competent authority](https://www.mica.wtf/definitions/definitions/mica/competent-authority) and has published that crypto-asset white paper in accordance with Article [51](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-51.md).

   Notwithstanding the first subparagraph, upon the written consent of the [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md), other persons may [offer to the public](https://www.mica.wtf/definitions/definitions/mica/offer-to-the-public) or seek the admission to trading of the [e-money token](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token). Those persons shall comply with Articles [50](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-50.md) and [53](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-53.md).
2. E-money tokens shall be deemed to be [electronic money](https://www.mica.wtf/definitions/definitions/mica/electronic-money).

   An e-money token that references an [official currency](https://www.mica.wtf/definitions/definitions/mica/official-currency) of a Member State shall be deemed to be offered to the public in the Union.
3. Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.
4. Paragraph 1 of this Article shall not apply to [issuers](https://www.mica.wtf/definitions/definitions/mica/issuer) of e-money tokens exempted in accordance with Article 9(1) of Directive 2009/110/EC.
5. This Title, with the exception of paragraph 7 of this Article and Article [51](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-51.md), shall not apply in respect of e-money tokens exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC.
6. Issuers of e-money tokens shall, at least 40 working days before the date on which they intend to [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md) those e-money tokens or seek their admission to trading, notify their [competent authority](https://www.mica.wtf/definitions/definitions/mica/competent-authority) of that intention.
7. Where paragraph 4 or 5 applies, the issuers of e-money tokens shall draw up a [crypto-asset](https://www.mica.wtf/definitions/definitions/mica/crypto-asset) white paper and notify such crypto-asset white paper to the [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) in accordance with Article [51](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-51.md).

***

**Level 2 instruments**

* [ART/EMT: scope of public offering](/eu-level/q-and-a/eba-qa-7185-scope-public-offering-art-emt.md) — Q\&A
* [CASP: non-EUR EMT trading](/eu-level/q-and-a/pending-questions/eba-qa-7027-casp-non-eur-emt-trading.md) — Q\&A (withdrawn)
* [CI/EMI passporting for ART/EMT](/eu-level/q-and-a/eba-qa-7168-passporting-ci-emi-token-issuers.md) — Q\&A
* [EBA Opinion — PSD2 / MiCA Interplay](/eu-level/soft-law/opinions/opinion-psd2-mica-interplay.md) — Opinion
* [EMT issuers: AML/KYC obligations](/eu-level/q-and-a/eba-qa-7078-emt-issuer-aml-kyc-scope.md) — Q\&A
* [EMT parallel issuance: EU and non-EU](/eu-level/q-and-a/pending-questions/eba-qa-7068-emt-parallel-issuance-eu-non-eu.md) — Q\&A (consultation)
* [Services for non-compliant ARTs/EMTs](/eu-level/q-and-a/esma-qa-2404-non-compliant-art-emt-trading.md) — Q\&A

### Related

* [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/electronic-money-institution.md) — definition used in this article
* [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/emd2/electronic-money-institution.md) — definition used in this article
* [electronic money institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/electronic-money-institution.md) — definition used in this article
* [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) — definition used in this article
* [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md) — definition used in this article
* [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/crr/credit-institution.md) — definition used in this article
* [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/credit-institution.md) — definition used in this article
* [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/credit-institution.md) — definition used in this article


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