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6 - Product Regulation of Stablecoins (E-money Tokens and Asset-Referenced Tokens) in Titles III and IV MiCA

Published online by Cambridge University Press:  28 February 2025

Dirk Zetzsche  and
Jannik Woxholth
Dirk Zetzsche
Affiliation:
University of Luxembourg
Jannik Woxholth
Affiliation:
University of Luxembourg
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Summary

Chapter 6 discusses MiCA’s bespoke product regulation for so-called stablecoins under the labels of ARTs and EMTs. Section 6.2 lays out the scope of Titles III and IV MiCA, after which Section 6.3 discusses the licensing requirements forming the basis for the token issuer’s European Passport. Section 6.4 then covers the rules on redemption rights and reserve management, while Section 6.5 addresses disclosure requirements. Section 6.6 lays out the EBA’s supervision of significant ARTs and EMTs, and Section 6.7 concludes.

Keywords

asset-referenced tokense-money tokensARTEMTstablecoinscryptocurrencieslicensingauthorisationproduct regulation
Type
Chapter
Information
The EU Law on Crypto-Assets
A Guide to European FinTech Regulation
 , pp. 77 - 94
Publisher: Cambridge University Press
Print publication year: 2025

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