Stablecoins (ART / EMT)
Second Electronic Money Directive (EMD2)
EU directive establishing the e-money regulatory framework — the basis for MiCA Title IV EMT regulation.
Definition
EMD2 (Directive 2009/110/EC) is the EU framework for electronic money. Sets rules for EMI authorisation, prudential capital (initial EUR 350k + 2% of average outstanding e-money), and consumer protection. MiCA Title IV applies EMD2 to crypto-asset issuance.
Regulatory citation