# kaal:claim:5454054-025

**Claim.** 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.

**Type.** condition  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Legal and Regulatory Implications, page 20

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

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** tokenomics

**Keywords.** mica, utility-token, white-paper-exemption, closed-loop, european-union

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/5583610-023

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