EMT — E-Money Token
A type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency (MiCA Art. 3(1)(7)).
## What the MiCA regulation says
An E-Money Token (EMT) purports to maintain a stable value by referencing the value of one official currency (MiCA Art. 3(1)(7)). EMTs are single-currency stablecoins — for example, a euro-pegged token. Multi-currency stablecoins are classified as ARTs.
## EMT issuer requirements
EMT issuers must be authorised as an e-money institution or credit institution under existing EU law. The MiCA whitepaper for an EMT must comply with Art. 51 and Annex III, including redemption rights, fee structures, reserve asset custody, and interest prohibition.
## Key distinction: EMT vs ART
An EMT references a single fiat currency; an ART references multiple assets or a basket. This distinction determines which NCA supervises the issuer and which reserve requirements apply.