Stablecoins (ART / EMT)
Electronic Money Institution (EMI)
A non-bank issuer of electronic money authorised under EMD2 — can issue EMTs by notification under MiCA Title IV.
Definition
An EMI is an institution authorised under EMD2 (Directive 2009/110/EC) to issue electronic money but not to take deposits. EMIs can issue EMTs by notification under MiCA Article 48 — leveraging their existing EMD2 authorisation. The route is widely used in Lithuania and Malta.
Regulatory citation