The rule.
“right of redemption against the issuer at any time and at par value”
Verbatim extract, read on 4 November 2026 from the source below. Everything else on this page is NorthPoint’s plain-English reading.
What it requires.
- A clear and unambiguous statement that all holders of the e-money token have a right of redemption against the issuer at any time and at par value.
- Both halves matter: at any time, and at par value. A statement that drops either one is not the statement the provision asks for.
Who it applies to.
Marketing communications for an e-money token, and the issuer that prepares them.
Common violations in marketing copy.
Redeem [EMT] whenever you like.
States timing but not par value.
[EMT] trades at about €1 on major venues.
A market price is not the holder's redemption right against the issuer.
Non-compliant vs compliant.
“[EMT] usually trades close to €1.”
“All holders of [EMT] have a right of redemption against [Issuer] at any time and at par value. Details: [website].”
Related rules.
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Article 53(1) · European Union
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Article 29(2) · European Union
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Article 66(2) · European Union
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NorthPoint’s long-form page.
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Markets in Crypto-Assets Regulation (EU) 2023/1114.
Source.
| Instrument | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) |
|---|---|
| Provision | Article 53(2) |
| Primary source | https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-53-marketing-communications |
| Official text | https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng |
| Read from | ESMA Interactive Single Rulebook, one page per article (ESMA's own publication of the MiCA text) |
| Checked |
This page is general, sourced information for marketing teams, not legal advice. The examples are written by NorthPoint to illustrate the rule; for a binding view on your own promotion, retain qualified counsel in the jurisdiction concerned.