An EMT (electronic money token) is a MiCA crypto-asset referenced to a single official currency and redeemable at par: in practice, a single-currency stablecoin. Its issuance is reserved for authorized entities, and it is distinguished from the asset-referenced token, which relies on a basket.
An EMT is one of the terms that come up most when talking about regulated tokenization. Here you have it explained clearly, with the regulation that frames it.
What is an EMT
An EMT (e-money token) is a crypto-asset referenced to a single official currency and redeemable at par: in practice, a euro or dollar stablecoin. Only a credit institution or an e-money institution, supervised by the Bank of Spain, may issue it (Title IV MiCA and Ley 21/2011).
Like the ART, the EMT is a MiCA crypto-asset, not a financial instrument. The distinction matters to correctly classify your project: we explain it in security token vs utility token.
Frequently asked questions
What is the difference between EMT and ART?
The EMT is referenced to a single official currency and is redeemable at par; the ART is referenced to a basket of assets, currencies or commodities. Both are MiCA crypto-assets supervised by the Banco de España.
Who can issue an EMT?
Only a credit institution or an authorized e-money institution (Title IV MiCA; Ley 21/2011).
More terms in the tokenization glossary.
Notice
Informational content. It does not constitute legal, tax or investment advice. Check the current version of the cited rules on BOE and EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
