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