# kaal:claim:5454054-030

**Claim.** In the UK, e-money and payment services obligations attach if voucher rewards are fiat-redeemable or open-loop; otherwise LER should fall outside the Electronic Money Regulations 2011 and the Payment Services Regulations 2017 under limited-network concepts.

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

**Holds when.**

- United Kingdom

**Source quote.**

> However, in the Uk, e-money and payments can arise if voucher rewards are fiat-redeemable or open-loop. Otherwise, LER are likely to avoid Electronic Money Regulations 2011 and Payment Services Regulations 2017 under limited-network concepts.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), United Kingdom, page 23

**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.** institutional-design

**Keywords.** united-kingdom, e-money, payment-services, limited-network, closed-loop

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