Offer to the public and application for admission to trading of e-money tokens (EMTs)
Under Article 48(1) MiCAR, this activity is reserved to credit institutions and e-money institutions. According to Article 48(2) MiCAR, e-money tokens are deemed to be electronic money, so that the Electronic Money Act applies in parallel with MiCAR.
No authorisation procedure is required for the offer to the public or application for admission to trading of an e-money token. However, issuers must notify the FMA at least 40 working days in advance. In addition, according to Article 48(1)(b) MiCAR, a crypto-asset white paper must be notified to the FMA and published by the issuer. The content and form of the crypto-asset white paper for e-money tokens are governed by Article 51 MiCAR. No prior approval by the FMA is required before publication of the crypto-asset white paper.
Modification of published crypto-asset white papers
Pursuant to Article 51(12) MiCAR, any significant new factor, any material mistake or any material inaccuracy that is capable of affecting the assessment of the e-money token must be described in a modified crypto-asset white paper drawn up by the issuer, notified to the FMA and published on the issuer’s website.