# Article 49

## Issuance and redeemability of e-money tokens

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.

2\.   Holders of e-money tokens shall have a claim against the issuers of those e-money tokens.

3\.   Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds.

4\.   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.

5\.   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).

6\.   Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.

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