Educational Demo Only — This POC illustrates how software can model MiCA (EU Reg. 2023/1114) requirements. It is not legal advice and does not constitute MiCA compliance certification.

EMT Safeguarding & Compliance Validator

Verify EMT issuer compliance with MiCA Art. 48, 49, 54, 56 and 58

Art. 48: Issuer Eligibility Check

Only credit institutions and EMIs can issue EMTs. This validator checks issuer type and license validity.

MiCA Compliance Note

Implemented: Art. 48(1)(a) — Issuer must be authorised as a credit institution or an electronic money institution

Implemented: Art. 49(4) — Redemption at any time and at par value; the 1 business day deadline is an example issuer policy, not a MiCA requirement

Implemented: Art. 54 — At least 30% of funds in credit institution deposits (point (a)); the rest in highly liquid instruments in the reference currency (point (b))

Implemented: Art. 56(1) and Art. 43(1) — Significant EMT assessment (at least 3 of 7 criteria), with the Art. 58 consequences for electronic money institutions

Out of scope: Art. 50 — Interest prohibition enforcement requires access to smart contract code and transaction monitoring

Out of scope: Art. 51 — White paper validation requires document parsing and full-text compliance review

Out of scope: Art. 55 — Recovery and redemption plans (Art. 46 and 47 applied to EMT issuers) require legal review and real-time monitoring

What This POC Does Not Implement

  • ❌ Smart contract code audit — Real enforcement requires blockchain integration and contract analysis; this POC only validates input parameters
  • ❌ Real-time reserve verification — Requires live connections to custodian banks and settlement systems
  • ❌ Automated NCA notification — Requires licensed API access to competent authorities
  • ❌ Interest/yield detection — Smart contract monitoring requires static analysis tools and runtime analysis
  • ❌ Custody audit trail — Real-world segregation verification requires integration with financial infrastructure