Токени за електронни пари и скрито влогонабиране: анализ на чл. 50 MiCA
Electronic Money Tokens and Shadow Banking: an Analysis of Article 50 MiCA

Author(s): Suleyman Bashov
Subject(s): Law, Constitution, Jurisprudence, EU-Legislation, Commercial Law
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: e-money tokens; banking; deposit-taking; MiCA; cryptoassets
Summary/Abstract: This report examines key segments of the legal framework for electronic money tokens under MiCA through the prism of banking regulation. The analysis aims to verify to what extent MiCA, and particularly the prohibition under Art. 50 on accruing interest in favor of token holders, hinders the possibility of replicating the banking model through the commented crypto assets. The methodology is based on a legal-dogmatic comparison between MiCA and EMD II, as well as an assessment of different incentives for storing value through tokens. The results show that blockchain allows for incentives similar to deposit yields without categorically violating regulation, provided that they are not linked to the holding period of the tokens. The conclusions highlight gray areas in the legislation, while simultaneously drawing attention to a potential conflict (tension) between the provisions of Article 50 MiCA and Recital №68 of the Regulation's preamble. The applicability of the results lies in supporting both doctrine and practice in identifying potential gaps in the legal framework.

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