> 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-54.md).

# Article 54

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

### Investment of funds received in exchange for e-money tokens

[Funds](https://www.mica.wtf/definitions/definitions/mica/funds) received by [issuers](https://www.mica.wtf/definitions/definitions/mica/issuer) of [e-money tokens](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token) in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following: 1. at least 30 % of the [funds](https://www.mica.wtf/definitions/definitions/mica/funds) received is always deposited in separate accounts in [credit institutions](https://www.mica.wtf/definitions/definitions/mica/credit-institution); 1. the remaining [funds](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/funds.md) received are invested in secure, low-risk assets that qualify as highly liquid [financial instruments](https://www.mica.wtf/definitions/definitions/mica/financial-instrument) with minimal market risk, credit risk and concentration risk, in accordance with Article [38](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-3/article-38.md)(1) of this Regulation, and are denominated in the same [official currency](https://www.mica.wtf/definitions/definitions/mica/official-currency) as the one referenced by the [e-money token](https://www.mica.wtf/definitions/definitions/mica/electronic-money-token).

***

**Level 2 instruments**

* [EMT issuance: bank segregated account](/eu-level/q-and-a/pending-questions/eba-qa-7591-emt-issuance-bank-segregated-account.md) — Q\&A (withdrawn)
* [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)
* [Scope of Recital 54 and Article 54 — significance classification](/eu-level/q-and-a/pending-questions/eba-qa-7069-recital-54-article-54-significance.md) — Q\&A (consultation)

### Related

* [official currency](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/official-currency.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
* [Circular CSSF 25/885 — Application of the Guidelines of the European Banking Authority on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under Titles III and IV of Regulation (EU) 2023/1114 (EBA/GL/2024/16)](broken://pages/akqPQxKvUkdqXGI1ox0u) — national implementation reference


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