An offer to the public or admission to trading of an e-money token in the Union is permitted only by the issuer who is authorised as a credit institution or as an electronic money institution and who has notified and published a crypto-asset white paper in accordance with Article 51. With the issuer's written consent, other persons may offer or seek admission, subject to compliance with Articles 50 and 53. Paragraph 1 does not apply to issuers exempted under Article 9(1) of Directive 2009/110/EC; and this Title, except paragraph 7 and Article 51, does not apply to e-money tokens exempt under Article 1(4) and (5) of Directive 2009/110/EC.

E-money tokens are deemed to be electronic money; those referencing an official currency of a Member State are deemed to be offered to the public in the Union. Titles II and III of Directive 2009/110/EC apply to e-money tokens unless otherwise stated in this Title. Issuers must notify the competent authority at least 40 working days before offering or seeking admission to trading. Where paragraph 4 or 5 applies, issuers must draw up and notify a crypto-asset white paper in accordance with Article 51.