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To check whether a stablecoin is authorized for use in the EU, identify its legal issuer and MiCA category, then verify the issuer and token documents in ESMA’s public MiCA register. The test differs for asset-referenced tokens (ARTs) and e-money tokens (EMTs). A token’s name, claimed peg, reserve description, or exchange listing does not by itself establish authorization.
Identify the token’s MiCA category and legal issuer
MiCA distinguishes between two stablecoin categories. An asset-referenced token (ART) purports to maintain stable value by referencing another value or right, or a combination. An e-money token (EMT) purports to maintain stable value by referencing the value of one official currency. Use the issuer’s current documentation and legal definitions rather than inferring the category from a brand name or advertised peg. ESMA’s MiCA Article 3 definitions
Record the token’s exact name and ticker, the network if relevant, and the legal entity identified as issuer in its current documentation. A commercial brand and its issuer may have different names; the legal entity is the key identifier for the register check.
Search ESMA’s public MiCA register
- Open ESMA’s MiCA register: ESMA Article 109: Registers. Search for the issuer’s legal name and the token name.
- Match the entity and token: Compare the legal entity and identifying details in the record with the issuer named in the token’s current documentation. Do not rely on a ticker match alone.
- Review the documents and status: Check the applicable authorisation information, the current white paper, any modified white paper, and records of withdrawals or other relevant measures.
- Check dates and status: Article 109 provides for a public register that is regularly updated. Withdrawals and specified notified supervisory measures remain published for five years, so an old entry is not proof of current permission unless its status and dates support that conclusion. See EBA information on registers and databases.
If you cannot match the issuer and documentation to a current record, do not treat a token’s marketing claims or a platform listing as confirmation that its issuer is authorised.
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Apply the rule for the token’s category
| Check | ART | EMT |
|---|---|---|
| What it references | Another value or right, or a combination. | The value of one official currency. |
| General issuer route | Generally, the issuer must be an EU-established legal person or other undertaking authorised by its home Member State competent authority, or a credit institution meeting MiCA’s requirements. | Generally, the issuer must be authorised as a credit institution or electronic money institution. |
| White-paper check | Inspect the current and any modified white paper, alongside the issuer’s authorisation record. | Check the crypto-asset white paper notification and publication requirements as well as the issuer’s status. |
| Qualifications | Article 16 contains exceptions, including conditions relating to a 12-month average outstanding value and offers addressed solely to qualified investors. | Article 48 contains exemptions. Assess the applicable facts and records rather than assuming every case follows the general rule. |
The ART and EMT rules above are general routes, not a finding about any particular token. See MiCA Article 16 on ART authorisation and MiCA Article 48 on EMT requirements for the legal provisions and qualifications.
Account for the application date and transitional rules
In a European Commission answer published by ESMA on January 17, 2025, the Commission said that since June 30, 2024 an ART or EMT offered to the public or admitted to trading in the Union must have an EU-authorised issuer, subject to transitional provisions relating to ARTs under MiCA Article 143(4) and (5). The answer also addresses offers made by persons other than the issuer. Read the ESMA Q&A 2404 alongside the relevant current legal text and register record, especially when checking an older case or a particular offer. It is not a substitute for assessing applicable exemptions or transitions.
Check the platform or custodian separately
Issuer authorisation and crypto-asset service-provider status are separate questions. MiCA Article 59 separately regulates the provision of crypto-asset services. If you want to know whether an exchange, custodian, or other intermediary is authorised, check that provider’s own status rather than relying on the stablecoin issuer’s record. See EBA information on registers and databases.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What authorisation does—and does not—tell you
An authorisation record is a regulatory-status check, not a promise that a token will maintain its peg or that holding it is risk-free. The joint European Supervisory Authorities’ 2025 consumer factsheet warns that “stablecoins may not be so stable overtime, especially in stressed market conditions.” Read Crypto-assets explained: What MiCA means for you as a consumer for consumer-facing context.
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