E-Money Token (EMT) Issuers and White Papers under MiCA
An e-money token (EMT) is a crypto-asset that keeps a stable value by referencing one official currency — in practice, a regulated stablecoin. Under MiCA only authorised credit institutions and electronic money institutions may issue them, and holders always have a right of redemption at par.
This page lists the EMT records in the ESMA register. Because MiCA requires a white paper for each token offered, an issuer appears once per published white paper — so the same firm may show several rows, each linking to its own document.
As of 18 August 2026, MICA Watch tracks 43 EMT issuers records across 13 jurisdictions. The largest are Netherlands (9), France (8), Germany (4), Finland (4), Malta (4). Data is sourced from the ESMA interim register.
| Country | Entity Name | Trading Name | Authority | Auth Date | White Paper | Website |
|---|---|---|---|---|---|---|
| CZ | Stable Labs | 26/04/2017 | View document | |||
| CZ | Stable Labs | 26/04/2017 | View document | |||
| CZ | Stable Labs | 26/04/2017 | View document | |||
| DE | AllUnity GmbH | 20/06/2026 | View document | |||
| DE | AllUnity GmbH | 19/01/2026 | View document | |||
| DE | AllUnity GmbH | 08/05/2026 | View document | |||
| DE | AllUnity GmbH | 19/01/2026 | View document | |||
| DK | Eurodollar | 17/02/2025 | - | |||
| FI | Paxos EU | 23/11/2022 | View document | |||
| FI | Paxos EU | 23/11/2022 | View document | |||
| FI | Paxos EU | 23/11/2022 | View document | |||
| FI | Paxos | 23/11/2022 | View document | |||
| FR | 01/07/2024 | View document | ||||
| FR | 01/07/2024 | View document | ||||
| FR | 01/07/2024 | View document | ||||
| FR | 12/12/2024 | View document | ||||
| FR | 22/11/2024 | View document | ||||
| FR | Oddo BHF | 26/06/2007 | View document | |||
| FR | OuiTrust | 02/12/2021 | View document | |||
| FR | CACEIS BANK | 19/05/1979 | View document | |||
| IS | Monerium | 25/09/2019 | View document | |||
| LT | BLUE EMI LT | 11/10/2022 | View document | |||
| LT | Newrails | 04/06/2020 | View document | |||
| LU | Banking Circle | 29/10/2019 | View document | |||
| LU | AIEU Services Limited S.A. | 21/12/2018 | View document | |||
| LU | Bridge Building S.A. | 23/07/2026 | View document | |||
| LV | GR8.money | 10/12/2025 | View document | |||
| LV | GR8.money | 10/12/2025 | View document | |||
| MT | StablR Ltd | 21/06/2024 | View document | |||
| MT | StablR Ltd | 21/06/2024 | View document | |||
| MT | Stable mint | 05/08/2024 | View document | |||
| MT | Stable mint | 05/08/2024 | View document | |||
| NL | Fiat Republic | 29/11/2021 | View document | |||
| NL | Fiat Republic | 29/11/2021 | View document | |||
| NL | Fiat Republic | 29/11/2021 | View document | |||
| NL | Quantoz Payments | 13/10/2023 | View document | |||
| NL | Quantoz Payments | 13/10/2023 | View document | |||
| NL | Quantoz Payments | 13/10/2023 | View document | |||
| NL | Quantoz Payments | View document | ||||
| NL | Quantoz Payments | View document | ||||
| NL | Quantoz Payments | View document | ||||
| PL | StaBillon | 23/04/2019 | - | |||
| SI | Dinaro | 02/11/2021 | View document |
EMT vs ART — the difference that trips people up
Both are "stablecoins" in ordinary speech, but MiCA treats them very differently. An e-money token references a single official currency (a euro or dollar stablecoin). An asset-referenced token (ART) references a basket — several currencies, commodities, other crypto-assets, or a mix. EMTs may only be issued by credit or e-money institutions and are redeemable at par; ARTs face separate reserve, governance and disclosure rules scaled to their size.
What issuers must publish
Before offering an EMT to the public or seeking admission to trading, the issuer must draw up a crypto-asset white paper, notify it to its national competent authority and publish it. The white paper sets out the token, the rights attached, the reserve and redemption mechanics, and the risks. Every white paper linked here comes straight from the issuer.