Article 49 of MiCAR sets out provisions regarding the issuance and redeemability of EMTs. In detail, MiCAR grants the holders of EMTs a claim on the issuer of the respective EMTs. Moreover, MiCAR requires issuers, on receipt of funds, to issue EMTs at par value. EMT holders are entitled to request that an issuer redeem, at par value and at any moment, the monetary value of the EMTs. Neither EMT issuers nor crypto asset service providers are authorised to grant EMT holders interest or any other benefit during the period in which EMTs are held (Article 50 of MiCAR).

Furthermore, MiCAR covers questions concerning liability for white paper content and sets out rules regarding the investment of funds received in exchange for EMTs.

Where EMTs are classified as significant by the EBA based on some of the criteria defined in Article 56 of MiCAR (size, volume, interconnectedness, etc.), issuers must fulfil additional obligations (higher own funds requirements, requirements for holding reserve assets, etc.) set out in Article 58 of MiCAR. Where the issuer is an e-money institution, the responsibility for supervision is transferred in some cases to the EBA.

In contrast to the requirements for the issuance of ARTs and EMTs, the regulation does not provide for an authorisation requirement for the issuance of other crypto-assets. To issue or offer to the public any type of crypto-assets (in the event that no exemptions apply), issuers must notify a white paper to the competent authority and publish it, comply with requirements for marketing communications and grant token holders rights of withdrawal (Article 6 et seq. of MiCAR). Moreover, issuers of crypto-assets other than ARTs or EMTs and persons seeking the admission to trading for such crypto-assets must comply with conduct of business rules (Article 14 of MiCAR) and are to be held responsible for the information provided in a crypto asset white paper (Article 15 of MiCAR).

The aforementioned requirements do not apply, for example, to issuers or providers of crypto-assets that are offered free of charge or where crypto-assets are issued as mining rewards (Article 4(3)(b) of MiCAR).

MiCAR sets out and defines the following crypto asset services (points 16(a) to (j) and points 17 to 26 of Article 3(1) of MiCAR):

• operation of a trading platform for crypto-assets: management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets;
• exchange of crypto-assets for funds: conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital;
• exchange of crypto-assets for other crypto-assets: conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital;
• execution of orders for crypto-assets on behalf of clients: conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets; including the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading;
• placing of crypto-assets: marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers;
• reception and transmission of orders for crypto-assets on behalf of clients: the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution;
• providing advice on crypto-assets: offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto asset services;
• providing portfolio management of crypto-assets: managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets;
• providing transfer services for crypto-assets on behalf of clients: providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another.

Under Article 59 of MiCAR, crypto asset services may generally only be provided by service providers that have a registered office in the EU and have been authorised as crypto asset service providers by competent authorities in accordance with Article 63 of MiCAR.

Under Article 60(1) to (6) of MiCAR, certain entities such as credit institutions, investment firms and e-money institutions are permitted to provide all or specific crypto asset services without separate authorisation. These entities must notify the competent supervisory authorities of their intention to take up business activities, providing the information stipulated in Article 60(7) of MiCAR.

In Germany, supervision will generally be provided by BaFin in cooperation with the Deutsche Bundesbank. For issuers of significant ARTs, supervisory responsibilities will be transferred to the EBA (Article 43(7) of MiCAR); in the case of significant EMTs, supervisory responsibilities will be transferred to the EBA in specific cases (Article 56(6) of MiCAR).