Art. 49 Issuance and redeemability of e-money tokens | MiCA regulation | MiCA

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 issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens.
1. Holders of e-money tokens shall have a claim against the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of those e-money tokens.
1. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens shall issue e-money tokens at par value and on the receipt of fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;.
1. Upon request by a holder of an e-money token, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of that e-money token shall redeem it, at any time and at par value, by paying in fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;, other than electronic moneymeans electronic money as defined in Article 2, point (2), of Directive 2009/110/EC;, the monetary value of the e-money token held to the holder of the e-money token.
1. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of e-money tokens shall prominently state the conditions for redemption in the 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 as referred to in Article 51(1), first subparagraph, point (d).
1. Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee.