A stable value is a promise to holders, which is why MiCA regulates stablecoins more strictly than ordinary tokens. What matters is the reference asset. An e-money token (EMT) holds its value against one currency, such as the euro, and may only be issued by a bank or an e-money institution. An asset-referenced token (ART) tracks a basket of currencies, commodities or other assets, and its issuer needs separate authorisation from the National Bank of Slovakia.
Our regulatory memorandum first establishes whether the token is an EMT or an ART. We then prepare the authorisation application, the white paper and the rules for the reserve of assets: its composition, segregation from the issuer's own assets, choice of custodian and monitoring. For a start-up without a banking or e-money licence, partnering with a licensed issuer may be the way forward, and we draft the contracts for that too.
Only a credit institution or an e-money institution may issue an e-money token (Title IV, Articles 48 to 58 of MiCA). Holders may redeem the token at par in the reference currency at any time, and the issuer must not pay them interest.
An asset-referenced token may also be issued by a commercial company, but only with authorisation under Title III of MiCA (Articles 16 to 47). The National Bank of Slovakia approves the ART white paper before a public offer.
The reserve must fully cover the value of tokens issued and be kept separate from the issuer's own assets. The National Bank supervises its adequacy.
Significant EMTs and ARTs that exceed MiCA thresholds, such as number of holders or value issued, come under stricter supervision by the European Banking Authority.
Articles are in Slovak.
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This page is for general information, reflects Slovak law at the time of writing and is not a substitute for advice on your particular matter.
