kaal:claim:5454054-025

In the EU, MiCA exemptions for non-transferable utility tokens spare LER airdrops from white paper and issuer authorization requirements, but only so long as the rewards remain non-redeemable for fiat and confined to closed-loop merchant ecosystems.

In the EU, MiCA's exemptions for non-transferable utility tokens ensure that LER voucher rewards, distributed as airdrops, avoid white paper and issuer authorization requirements, as long as LER remain non-redeemable for fiat and confined to closed-loop merchant ecosystems.

Wulf A. Kaal, Liquid Equity Rewards (2025), Legal and Regulatory Implications, p. 20
https://ssrn.com/abstract=5454054 · source PDF

Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

• European Union
• rewards non-redeemable for fiat
• acceptance confined to closed-loop merchant networks

conditionsupport: arguedtokenomics

• restated_by kaal:claim:5583610-023 MiCA exempts non-transferable utility tokens like LER vouchers from white paper and issuer authorization requi...

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