MiCA Recital (71) — preamble
Open the official source (EUR-Lex) →MiCA Recital (71) — preamble (71) Significant e-money tokens could pose greater risks to financial stability than e-money tokens that are not significant and traditional electronic money.
Issuers of significant e-money tokens that are electronic money institutions should therefore be subject to additional requirements.
Such issuers of significant e-money tokens should in particular be subject to higher capital requirements than issuers of other e-money tokens, be subject to interoperability requirements and establish a liquidity management policy.
They should also comply with some of the same requirements that apply to issuers of asset-referenced tokens with regard to reserve of assets, such as those on custody and investment of the reserve of assets.
Those requirements for issuers of significant e-money tokens should apply instead of Articles 5 and 7 of Directive 2009/110/EC.
As those provisions of Directive 2009/110/EC do not apply to credit institutions when issuing e-money, neither should the additional requirements for significant e-money tokens under this Regulation.
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