EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is an EMI (Electronic Money Institution) licence and why does MiCA require it for some stablecoins?
An Electronic Money Institution licence is granted under the EU's Electronic Money Directive (EMD2, Directive 2009/110/EC). It authorises an entity to issue electronic money. Under MiCA Title IV, single-currency-pegged stablecoins (E-Money Tokens) may only be publicly issued by credit institutions or EMIs.
What is the exact legal definition?
Directive 2009/110/EC (EMD2) establishes the EMI regime. An EMI is authorised by its home Member State NCA, subject to capital requirements, fit-and-proper management, AML/CFT controls and safeguarding of customer funds. Source: Directive 2009/110/EC.
What does it actually mean in practice?
What an EMI does. An EMI issues electronic money: monetary value stored electronically and accepted as a means of payment. Traditional EMIs power prepaid cards, e-wallets, and account-to-account payment services. MiCA brought single-currency-pegged stablecoins into the EMI regulatory perimeter for the EU.
MiCA Title IV requirement. MiCA Article 48 limits EMT issuance to credit institutions or EMIs. A non-bank firm wanting to issue a euro- or dollar-pegged stablecoin in the EU must therefore obtain an EMI authorisation (or partner with one).
Capital and safeguarding. EMIs maintain a regulatory capital floor (Article 5 EMD2) and must safeguard customer funds either via segregation in a separate account with a credit institution or via an equivalent insurance arrangement. Combined with MiCA's transparency rules, this is the dual-regime that applies to EMT issuers.
Examples in market. Circle (issuer of USDC) operates as an EMI authorised in France. Société Générale-Forge issued EURCV under a parallel arrangement. Other stablecoin issuers have pursued EMI authorisation across the EEA to enable continued issuance to EU users after Title IV took effect.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Legal basis | Directive 2009/110/EC (EMD2) |
| MiCA cross-reference | Article 48 (issuer eligibility for EMTs) |
| Capital floor | Article 5 EMD2 |
| Safeguarding requirement | Segregation or equivalent insurance, EMD2 Article 7 |
What else do users ask about this?
Can a non-EU stablecoin issuer offer in the EU?
Only via an authorised EMI or credit institution structure, including local affiliates or partners. Non-EU issuers cannot publicly offer EMTs in the EU directly under Title IV.
Is an EMI licence harder than a CASP licence?
Different. EMIs have been regulated under EMD2 since 2009, with mature supervisory practice; CASP authorisation under MiCA is newer. The capital, governance and AML/CFT requirements differ in detail but are comparable in burden.
Does an EMI license passport across the EEA?
Yes, under EMD2's passporting provisions, in a structure similar to MiCA Article 65.
Which sources is this entry based on?
- Directive 2009/110/EC (Electronic Money Directive)
- MiCA Article 48 - Issuance of EMTs
- EBA - Electronic money institutions
- EBA - MiCA stablecoin landing page
Glossary entries on The Crypto Register are sourced from primary legal texts (Regulation (EU) 2023/1114, ESMA guidelines, national regulator publications). They are not legal advice. Last verified .