To check whether a stablecoin is authorised for use in the EU, identify its legal issuer and MiCA category, then verify the issuer and token documentation in ESMA’s public MiCA register. The test differs for asset-referenced tokens (ARTs) and e-money tokens (EMTs); an exchange listing, a claimed currency peg or a reserve statement is not proof of issuer authorisation.
First identify whether the token is an ART or an EMT
MiCA defines an asset-referenced token (ART) as a crypto-asset that purports to maintain stable value by referencing another value or right, or a combination of them. An e-money token (EMT) purports to maintain stable value by referencing the value of one official currency. These are legal categories, not labels to infer from a token’s name or marketing. Read the issuer’s current white paper and match its classification against MiCA’s definitions in Article 3.
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Use ESMA’s register to match the issuer and token
Search the ESMA MiCA register using the issuer’s legal name as well as the token name. Tickers and commercial brands alone may not identify the legal entity responsible for issuance. Confirm that the issuer, token and documentation refer to the same product.
Inspect the issuer authorisation information and the current white paper. Check for modified white papers and any recorded withdrawal or other relevant measure, including its date and status. Under MiCA Article 109, ESMA’s register is public and regularly updated. Withdrawals and specified notified supervisory measures remain published for five years, so a visible historical record is not by itself evidence of current permission.
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Apply the authorisation test for the token’s category
| Check | ART | EMT |
|---|---|---|
| What value 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 the issuer’s current and modified white papers in the register. | MiCA requires notification and publication of a crypto-asset white paper; check the current and modified documents in the register. |
| Important qualifications | Article 16 includes exceptions, including conditions concerning the 12-month average outstanding value and offers addressed solely to qualified investors. Check whether a stated exception actually applies. | Article 48 includes exemptions. Check the issuer and documentation in context rather than assuming the general rule settles every case. |
The governing provisions are Article 16 for ARTs and Article 48 for EMTs. An exception in the law is a qualification to the general rule, not evidence that a particular token meets its conditions.
Account for the EU application date and transitional rules
In a Q&A answered by the European Commission and 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 for ARTs under Article 143(4) and (5). The Q&A also addresses offers made by persons other than the issuer. For a specific token or past period, check the applicable legal text and the record’s dates rather than treating the Q&A as a complete account of every exemption or transition: ESMA Q&A 2404.
Check the platform separately
Issuer authorisation does not establish that an exchange, custodian or other intermediary is authorised to provide crypto-asset services. MiCA regulates those services separately under Article 59. If your question is whether a platform or custodian may provide a service, verify that provider’s status separately; the European Banking Authority describes supervisory roles and relevant register information here.
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- Identify the product: record the exact token name, ticker, relevant blockchain or network, and the legal issuer named in the current documentation.
- Confirm its category: use the current white paper and MiCA’s ART and EMT definitions, not the brand name or claimed peg.
- Search ESMA’s register: look up the issuer’s legal name and token name; match the legal entity, token and white-paper record.
- Review the record’s status: inspect authorisation details, current and modified white papers, withdrawals, relevant measures and dates.
- Apply the right rule: use Article 16 for ARTs or Article 48 for EMTs, allowing for applicable exceptions and, for older ART cases, transitional provisions.
- Check the intermediary if relevant: verify an exchange or custodian separately from the issuer.
Reopen the official record before relying on it: authorisation information can change, and a record’s dates and status matter.
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What authorisation does not tell you
Regulatory authorisation is not a promise that a stablecoin will maintain its peg or 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.” See “Crypto-assets explained: What MiCA means for you as a consumer”.
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