1. Notwithstanding Article 12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to e-money tokens.
2. Crypto-asset service providers shall not grant interest when providing crypto-asset services related to e-money tokens.
3. For the purposes of paragraphs 1 and 2, any remuneration or any other benefit related to the length of time during which a holder of an e-money token holds such e-money token shall be treated as interest. That includes net compensation or discounts, with an effect equivalent to that of interest received by the holder of the e-money token, directly from the issuer or from third parties, and directly associated to the e-money token or from the remuneration or pricing of other products.
Title IV: E-MONEY TOKENS | Chapter 1
Article 50
Prohibition of granting interest
Related Recitals (Preamble)
Recitals provide interpretive context and policy rationale for the legislative provisions.
(68)
Prohibition of interest on EMTs
Summary: To reduce the risk that e-money tokens are used as store of value, issuers of e-money tokens and crypto-asset service providers when they provide crypto-asset services related to e-money tokens, shoul...