Issuance of Crypto-Assets

The MiCA Regulation introduces a new framework for issuing crypto-assets, distinguishing between three main types:

• Electronic Money Tokens (EMTs)
• Asset-Referenced Tokens (ARTs)
• Other Crypto-Assets

Electronic Money Tokens (EMTs)

An EMT is a type of crypto-asset whose purpose is to maintain a stable value by referencing the value of a single official currency. In the crypto sector, these are commonly referred to as stablecoins, designed to mirror the value of fiat currencies such as the euro, US dollar, or British pound.

As of 30 June 2024, under the MiCA Regulation, EMTs may be publicly offered/issued only by banks or electronic money institutions that notify the National Bank of Slovakia (NBS) in advance of their intention. Along with the notification, these institutions must also submit a crypto-asset whitepaper to the NBS, which must be published on their website.

Asset-Referenced Tokens (ARTs)

An ART is a type of crypto-asset that is not an EMT, and aims to maintain a stable value by referencing other assets, rights, or a combination thereof, including one or more official currencies. In the crypto sector, these are also known as stablecoins, as they seek to maintain a value equal to the assets they reference—such as a basket of currencies (e.g., euro, dollar, and pound).

As of 30 June 2024, ARTs may be publicly offered/issued only by:

• Banks, which must notify the NBS in advance and have a whitepaper approved by the NBS, and then published on their website.
• ART issuers, who must obtain authorization from the NBS.

ART issuers that offered ARTs before 30 June 2024 may continue doing so until a decision is made on their application for authorization, provided they apply before 30 July 2024.

Banks that issued ARTs before 30 June 2024 may also continue issuing them until a decision is made on the approval of their whitepaper, provided they submit the whitepaper and other required information to the NBS by 30 July 2024.

Other Crypto-Assets

“Other crypto-assets” include all crypto-assets that fall under the scope of the MiCA Regulation but are neither EMTs nor ARTs.

From 30 December 2024, these may be publicly offered/issued only by legal persons who have notified the NBS of the relevant crypto-asset whitepaper, which must then be published on their website.

For other crypto-assets that were admitted to trading on a crypto-asset trading platform before 30 December 2024, platform operators must ensure that the whitepaper is notified and published by 31 December 2027.

More information about the obligations of issuers and the content of the crypto-asset whitepaper can be found in the Regulation section.

Last updated on 26 Mar 2025