Jurisdiction · European Union
European Union
MiCA gives payment-institution tokens a category; bank deposit tokens sit outside it. The third network.
Facts
- Regime
- A bank's deposit token is a deposit and outside MiCA; a payment or e-money institution's token maps to the e-money-token category, issued by an authorised EMI or credit institution
- Currency and leg
- Euro; a pooled settlement account or TARGET synchronization, subject to the Eurosystem's policy on wholesale settlement
- Identity attestation
- Reliance under the AML framework and, for identity, eIDAS-compatible attestations — counsel opinion required per member state of establishment
- Data
- Travel-rule exchange between issuers under a data-protection schedule compliant with GDPR
Status
Planned as the third network; no application filed; the jurisdiction pack for an EU leg is a copy of the Georgian one with the values replaced.
Regulatory description is our reading of MiCA and the AML framework as of September 2026.
What a launch here requires.
A jurisdiction pack, a settlement leg with the central bank or a designated settlement bank, a Member Council, a local operating team. Nothing above the ledger changes.
Year 2
Counsel and member state
Choice of member state of establishment; counsel opinion on the e-money-token mapping and on the operator's status
Year 2–3
Network launched
EUR pack; Member Council; settlement binding agreed with the Eurosystem or a designated settlement bank
Year 3
Asset legs
A CSD under the DLT Pilot Regime or its successor as the first asset leg
Year 3+
Cross-border
Euro–sterling and euro–lari payment-versus-payment
Join the launch group here.
Issuers, participants and the central bank each have a seat in the first phase. Ask which are open.