Bank of Lithuania
Lietuviškai

Authorisation of issuers of electronic money tokens

  2. Supervision of financial market participants
  3. Financial sectors
  4. Markets in Crypto-Assets
Print

Issuer of electronic money tokens or ‘e-money tokens’ (EMTs) – an issuer that issues a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency.

EMTs shall be deemed to be electronic money.

A person that intends to make an offer to the public or seek the admission to trading of an EMT must present certain documents to the Bank of Lithuania before the start of these activities.

The requirements for issuers of EMTs are set out in Regulation (EU) 2023/1114 (MiCAR), Title IV. A summary of requirements and exemptions is presented in the table below.

Relevant MiCAR part

TITLE IV

Who can issue EMTs

Credit institutions

Electronic money institutions

OTHERS (EXCEPTIONS):

Issuers exempt in accordance with Article 9(1) of Directive 2009/110/EC

EMTs exempt pursuant to Article 1(4) and (5) of Directive 2009/110/EC

Is a licence (or activity permit) required?

No

No

No

No

When can an EMT be issued?

Steps (Article 51):

1. Prepare the white paper (Annex III).

2. Present the white paper and the marketing communications (upon request) to the competent authority.

3. Publish the white paper.

Mandatory requirements for EMT issuers prior to EMT issuance

1. For the white paper (Article 51 and Annex III).

2. For marketing communications (Article 53).

For the white paper (Article 51 and Annex III)

Can a third party distribute an EMT issuer’s tokens?

Yes

Yes

Yes

Yes

When can a third party start distributing an EMT issuer’s tokens?

Steps:

1. The EMT issuer has prepared, submitted and published the white paper in accordance with the requirements stipulated in Article 51.

2. The EMT issuer has given written consent to the third party to offer to the public or seek the admission to trading of the EMT.

Mandatory requirements for third parties distributing an EMT issuer’s tokens

1. Prohibition of granting interest (Article 50).

2. For marketing communications (Article 53).

Not applicable
  • More information on how to obtain an Electronic Money Institution licence in Lithuania can be found here.
  • More information on how to obtain a Credit Institution licence in Lithuania can be found here.

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Requirements for issuers of EMTs

A person shall not make an offer to the public or seek the admission to trading of an EMT within the Union unless:

  • that person is the issuer of the EMT;
  • they have notified a crypto-asset white paper to the competent authority and have published that crypto-asset white paper in accordance with Article 51 of MiCAR.

The issuer of the EMT shall, together with providing notification of the crypto-asset white paper, provide the competent authority with the information referred to in Article 109(4) of MiCAR.

The crypto-asset white paper shall be drawn up in an official language of the home Member State or in a language customary in the sphere of international finance. Where the EMT is also offered in a Member State other than the home Member State, the crypto-asset white paper shall also be drawn up in an official language of the host Member State or in a language customary in the sphere of international finance.

All information listed in the crypto-asset white paper shall be fair, clear and not misleading. The crypto-asset white paper shall not contain material omissions and shall be presented in a concise and comprehensible form. Any significant new factor, material mistake or material inaccuracy that is capable of affecting the assessment of the EMT shall be described in a modified crypto-asset white paper drawn up by the issuers, notified to the competent authorities and published on the issuers’ website. The white paper shall comply with all the requirements set in Article 51.

Marketing communications shall be notified to the competent authorities upon request. The information in the marketing communications shall be fair, clear and not misleading. The marketing communications shall comply with all the requirements set out in Article 53.

Before offering the EMT to the public in the Union or seeking the admission to trading of the EMT, the issuer of the EMT shall publish a crypto-asset white paper on its website.

The issuer of the EMT must also present recovery and redemption plans to the Bank of Lithuania within 6 months of the date of the offer to the public or admission to trading (Article 55).

Review of submitted documents

A person shall not make an offer to the public or seek the admission to trading of an EMT within the Union unless:

  • that person is the issuer of the EMT;
  • they have notified a crypto-asset white paper to the competent authority and have published that crypto-asset white paper in accordance with Article 51 of MiCAR.

The issuer of the EMT shall, together with the notification of the crypto-asset white paper, provide the competent authority with the information referred to in Article 109(4) of MiCAR.

Competent authorities shall not require the prior approval of crypto-asset white papers before their publication; however, all the information listed in the crypto-asset white paper must be fair, clear and not misleading, and the crypto-asset white paper must not contain material omissions and must be presented in a concise and comprehensible form. The white paper must comply with the requirements set out in Article 51.

Crypto-asset white papers and marketing communications (upon request) submitted to the Bank of Lithuania are reviewed by specialists from the relevant divisions of the Bank of Lithuania within the time limits set out in Article 51 of MiCAR. Regular communication with the issuer of the EMT might take place throughout the crypto-asset white paper and marketing communications review period.

Time limits laid down in MiCAR

  1. Issuers of EMTs shall, at least 40 working days before the date on which they intend to offer those EMTs to the public or seek their admission to trading, notify their competent authority of that intention.
  2. Issuers of EMTs shall notify their crypto-asset white paper to their competent authority at least 20 working days before the date of their publication. Competent authorities shall not require the prior approval of crypto-asset white papers before their publication; however, all information listed in the crypto-asset white paper must be fair, clear and not misleading, and the crypto-asset white paper must not contain material omissions and must be presented in a concise and comprehensible form.

tekstas

Before offering an EMT to the public in the Union or seeking the admission to trading of an EMT, the issuer of the EMT shall publish a crypto-asset white paper on its website.

Legislation governing the activities and licensing of issuers of EMTs

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Last update: 05-04-2024