Crypto-Asset Regulation · glossary
A licensed payment firm that is not a bank and issues e-money, a stored euro balance. With a bank, it is the only firm that may issue an electronic money token. Halcyon is not one, so the euro clients keep in its app is e-money from Brightwater Payments Limited. Binder §1.3 · Chapter 2 · Chapter 5
Explained in Chapter 2, The Map of MiCA, of Crypto-Asset Regulation.
An electronic money token (EMT) claims to keep a stable value by referencing one official currency, such as the euro. Only a bank (a credit institution) or an electronic money institution may issue one (Article 48). An electronic money institution is a licensed payment firm that is not a bank. The holder may cash in a euro token for one euro at any time, and the issuer may pay no interest on it.Read Chapter 2, The Map of MiCA →
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