Art. 48 Requirements for the offer to the public or admission to trading of e-money tokens | MiCA regulation | MiCA

1. A person shall not make an offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; or seek the admission to trading of an e-money token, within the Union, unless that person is the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of such e-money token and:
  1. is authorised as a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; or as an electronic money institutionmeans an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC;; and
  2. has notified a crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper to the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; and has published that crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper in accordance with Article 51.
2. Notwithstanding the first subparagraph, upon the written consent of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, other persons may offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; or seek the admission to trading of the e-money token. Those persons shall comply with Articles 50 and 53.
1. E-money tokens shall be deemed to be electronic moneymeans electronic money as defined in Article 2, point (2), of Directive 2009/110/EC;.
2. An e-money token that references an official currencymeans an official currency of a country that is issued by a central bank or other monetary authority; of a Member State shall be deemed to be offered to the public in the Union.
1. Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title.
1. Paragraph 1 of this Article shall not apply to issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens exempted in accordance with Article 9(1) of Directive 2009/110/EC.
1. This Title, with the exception of paragraph 7 of this Article and Article 51, shall not apply in respect of e-money tokens exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC.
1. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens shall, at least 40 working days before the date on which they intend to offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; those e-money tokens or seek their admission to trading, notify their competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; of that intention.
1. Where paragraph 4 or 5 applies, the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens shall draw up a crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper and notify such crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper to the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; in accordance with Article 51.