Alipay (Europe) Limited SA, based in Luxembourg, has been granted an e-money tokens (EMT) licence by the Luxembourg Financial Sector Supervisory Commission (CSSF), Paperjam understands from the CSSF website that the authorisation allows the company to issue e-money tokens across the EU under the Markets in Crypto-Assets Regulation (MiCA), which defines an EMT as “a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency”--in practice, essentially a euro stablecoin. The regulation became applicable to EMT issuers on 30 June 2024.
This new licence is separate from Alipay Europe’s existing electronic money institution (EMI) authorisation, also granted by the CSSF and active since December 2018, which allows it to provide electronic payments. While the EMI framework covers digital payments and stored value, the EMT licence specifically permits the issuance of stablecoins under MiCA.
AML/CFT sanction
The EMT authorisation came just two weeks after the CSSF announced a €214,000 fine against Alipay Europe for serious anti-money laundering and counter-terrorism financing failings under its EMI obligations. Following an on-site inspection between 26 June 2023 and 31 January 2024, the regulator concluded that the company had failed to report suspicious transactions and had not adequately verified customer identities. The administrative fine was imposed on 19 May 2025 and made public on 2 September, while the EMT licence was granted on 16 September.
EU-wide passporting rights
Under European Economic Area passporting rules, Alipay Europe may now conduct EMT activities across all EEA member states. If the company intends to issue a stablecoin, it must notify the CSSF at least 40 working days before offering tokens to the public or seeking admission to trading.
Luxembourg hub for Ant Group
Alipay Europe serves as Ant Group’s European base. The new EMT licence reinforces Luxembourg’s role as a hub for digital payments and crypto-related regulation, even as the financial supervisor increases scrutiny of compliance standards.
Ant Group, parent company of Alipay, is one of the world’s largest digital payments providers. Banking Circle SA, a Luxembourg-licensed bank, is the only other institution so far to have been granted an EMT licence by the CSSF.
Paperjam reached out to Alipay for comment but received no reply by the time of publication.
