MiCA Article 49 — held text

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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 emoney 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.

CELEX: 32023R1114 · provision: 49
Locator: Article 49; PDF page 43; derived-text line 2931
Held artifact: docs_evidence/eu-legislation/eurlex-full-text/20260823T093000Z/32023R1114.pdf
Artifact SHA-256: 32c6d21e712dbb719a9a6b2d39e85133f3059d9e02d8d9ce70d35332bd568b8b
Captured: 20260823T093000Z
Extracted with: pdftotext version 4.00
Official source: EUR-Lex
This version: /celex/32023R1114/ART_49/20260823-32c6d21e/
Corpus Merkle root: 581628a5b36518981241d2b51f048aa46384f30a74bf648ef542c652028cdeff
Membership proof: 10 hashes — see corpus-proof.json
Modal verbs, counted verbatim (not a legal characterisation): 'shall not': 1 · 'shall': 6 · 'must': 0 · 'may not': 0 · 'may': 0 · 'should': 0

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