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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance) article 49 CELEX: 02023R1114-20240109 Issuance and redeemability of e-money tokens
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 issuers of e-money tokens. 2. Holders of e-money tokens shall have a claim against the issuers of those e-money tokens. 3. Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds. 4. Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token. 5. Issuers of e-money tokens shall prominently state the conditions for redemption in the crypto-asset white paper as referred to in Article 51(1), first subparagraph, point (d). 6. Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee. |