Crypto-Asset Regulation · glossary
A token that claims a stable value by referencing one official currency, such as the euro: what the market calls a stablecoin. Only a bank or an electronic money institution may issue one. The holder may redeem it at par at any time and receives no interest. Definition: EMT · Chapter 1 · Chapter 2 · Chapter 5
Explained in Chapter 1, What a Crypto-Asset Is, and Why the State Cares, of Crypto-Asset Regulation.
Issuing money is the state's job. A token that promises to be worth exactly one euro works like a euro that no bank issued. MiCA calls a token pegged to one currency an electronic money token, or EMT. Only a credit institution or an electronic money institution may issue one (Article 48), and Halcyon is neither.Read Chapter 1, What a Crypto-Asset Is, and Why the State Cares →
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a crypto-asset that claims to keep a stable value by referencing one official currency, such as the euro (Article 3(1)(7)); only a credit institution or an electronic money institution may issue one (Article 48);Read the definition in the document →
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