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This paper examines the legal regime applicable to electronic money represented by digital tokens, drawing from the general regime for electronic money established by Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, and the specific regime established by Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2011 on markets in crypto-assets, and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (MiCA Act). Particular attention is paid to the differentiating or specific elements derived from the crypto-asset status of tokens representing electronic money. It is concluded that this type of electronic money, designed as a payment instrument, can also be negotiated and used as an investment instrument. It, therefore, has an ambivalent or hybrid nature as a crypto-asset and an exchange instrument.

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Electronic Money Tokens Under the MiCA Regulation

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  • 发表日期：

    2025年

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  • Agustín Madrid Parra

摘要

This paper examines the legal regime applicable to electronic money represented by digital tokens, drawing from the general regime for electronic money established by Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, and the specific regime established by Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2011 on markets in crypto-assets, and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (MiCA Act). Particular attention is paid to the differentiating or specific elements derived from the crypto-asset status of tokens representing electronic money. It is concluded that this type of electronic money, designed as a payment instrument, can also be negotiated and used as an investment instrument. It, therefore, has an ambivalent or hybrid nature as a crypto-asset and an exchange instrument.