> 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-49.md).

# Article 49

|                 |                                                                                 |
| --------------- | ------------------------------------------------------------------------------- |
| **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                                         |

### 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](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token) only the requirements set out in this Article shall apply to [issuers](https://www.mica.wtf/definitions/definitions/mica/issuer) of e-money tokens.
2. Holders of e-money tokens shall have a claim against the [issuers](https://www.mica.wtf/definitions/definitions/mica/issuer) 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](https://www.mica.wtf/definitions/definitions/mica/funds).
4. Upon request by a holder of an [e-money token](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token), the [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) of that e-money token shall redeem it, at any time and at par value, by paying in [funds](https://www.mica.wtf/definitions/definitions/mica/funds), other than [electronic money](https://www.mica.wtf/definitions/definitions/mica/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](https://www.mica.wtf/definitions/definitions/mica/crypto-asset) white paper as referred to in Article [51](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-51.md)(1), first subparagraph, point (d).
6. Without prejudice to Article [46](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-6/article-46.md), the redemption of e-money tokens shall not be subject to a fee.

<br>

***

**Level 2 instruments**

* [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)
* [PSD2 applicability to EMT issuance/redemption](/eu-level/q-and-a/pending-questions/eba-qa-7457-psd2-applicability-emt-issuance.md) — Q\&A (consultation)

### Related

* [electronic money](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/emd2/electronic-money.md) — definition used in this article
* [electronic money](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/electronic-money.md) — definition used in this article
* [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) — definition used in this article
* [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/tofr/crypto-asset.md) — definition used in this article
* [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) — definition used in this article
* [funds](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/funds.md) — definition used in this article
* [funds](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/psd2/funds.md) — definition used in this article
* [funds](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/tofr/funds.md) — definition used in this article


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