E-money
EMIelectronic money
A regulated category of monetary value held electronically and redeemable at par — the EU MiCA EMT regime piggy-backs on the existing e-money directive.
E-money issuers (EMIs) are authorised credit-light institutions, subject to safeguarding, capital, and prudential rules. Under MiCA, "e-money tokens" (EMTs) are stablecoins pegged to a single fiat and issued by an authorised EMI or credit institution.
Related terms
- MiCAThe EU's comprehensive crypto-asset framework, fully effective Dec 2024 — establishes EMT and ART regimes for stablecoins.
- Payment stablecoinA regulatory category (notably under [[genius-act]] and MiCA EMT) for fiat-backed stablecoins used as payment instruments.
- EURCCircle's EUR-pegged stablecoin, issued under MiCA-aligned EMT framework.