Authority	EBA
Q&A ID	2024_7027
Status	Rejected
Legal basis	Article 48(1) MiCA
Source	EBA Q&A

Reason for rejection: This question is already addressed in the EBA July 2024 statement on application of MiCAR to ARTs and EMTs and the ESMA January 2025 statement on stablecoins.

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Article 48 of MiCA states that: “A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution…”.

Does this allow a MiCA-registered CASP to receive and transmit (to a non-EU entity) or execute an order (on a non-EU trading platform) to buy or sell a non-EUR denominated EMT whose issuer is not MiCA compliant — on the basis that such activity does not constitute an “offer to the public” or “admission to trading”?

Some CASPs are planning to continue providing EU-based clients the ability to trade non-EUR denominated EMTs from issuers not licensed as a credit institution or EMI, by providing brokerage-like MiCA services and executing orders on non-EU trading platforms.

If allowed, this interpretation would distort the level playing field, since EU-based trading platforms are required to delist non-EUR denominated EMTs from non-compliant issuers, while non-EU platforms would not be subject to the same obligation.

Submitted by: Other (private institution) · 29 February 2024

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Source: EBA Single Rulebook Q&A