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