Title IV: E-MONEY TOKENS | Chapter 1

Article 50

Prohibition of granting interest

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.

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...