Passporting procedure for CIs and EMIs issuing tokens under MICAR

Yes, MiCAR Articles 146 (for credit institutions) and 48(3) (for e-money institutions) are to be interpreted as submitting credit institutions and e-money institutions issuing ART/EMT on a cross-border basis to comply with the existing passporting framework set for these categories of establishments respectively by Directives 2013/36/EU and 2009/110/EC. More specifically: - as regards credit institutions, Article 146 of MiCAR amended Annex I of Directive 2013/36/EU (CRD) explicitly adds the activity consisting in “Issuing electronic money including electronic-money tokens as defined in Article 3(1), point (7), of Regulation (EU) 2023/1114” to the list of activities subject to mutual recognition under CRD. It therefore requires any credit institution issuing ART or EMT to comply with passporting procedure under that Directive (including passporting notifications as set by Commission implementing regulation (EU) No 926/2014). -as regards e-money institutions, Article 48(3) of MICAR provides that “Titles II and III of Directive 2009/110/EC shall apply with respect to e-money tokens unless otherwise stated in this Title”. Therefore, and in the absence of a specific provision in that regard in MiCAR, the passporting procedure laid down in Article 3(4) of Directive 2009/110/EC should be considered to apply to e-money institutions issuing e-money tokens.