kaal:claim:5583610-023

MiCA exempts non-transferable utility tokens like LER vouchers from white paper and issuer authorization requirements, but only while they lack investment characteristics and stay inside a closed-loop ecosystem.

Source quote, verbatim

MiCA exempts non-transferable utility tokens, such as LER's voucher rewards, from white paper and issuer authorization requirements, as long as they lack investment characteristics and are confined to closed-loop ecosystems.

From

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 3.3. EU and International Frameworks, p. 14
https://ssrn.com/abstract=5583610 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

Holds when

EU issuance
token remains non-transferable and closed-loop
no investment characteristics

Classification

conditionsupport: arguedtokenomics

Related claims

restates kaal:claim:5454054-025 In the EU, MiCA exemptions for non-transferable utility tokens spare LER airdrops from white paper and issuer ...

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