Our
experience

Advising on a project involving the issuance of tokens that are electronic money

The firm provides legal services on a regular basis in all areas of functioning the client. Currently, among others, we are advising on the implementation of a business project for the issuance of tokens that are electronic money (e-money token), according to the business and technical concept prepared by the Ccient. The issuance is to be carried out by the only electronic money institution in Poland in cooperation with our client, who will act as its agent.

The legal framework for the project is set by Regulation (EU) 2023/1114 of the European Parliament and of the Council on cryptocurrency markets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (hereinafter the “MiCA Regulation”).

As part of the project, the firm provides legal advice at the following stages:

• development of a cooperation agreement between the participants to the projects, defining the principles of cooperation and the roles of the participants;
• drafting a business plan, including business assumptions, for the issuance of the e-money token;
• dafting an information document pursuant to MiCA Regulation, and marketing materials pursuant to MiCA Regulation.

In addition, we perform and ongoing legal analyses for the project, on the legal framework concerning the possibility of issuing (using, trading) an e-money token outside the EU.

Providing legal services for such a complex project in the project requires demonstration of an interdisciplinary knowledge considering: legal, technical and business aspects of the project as well as new legal regulations that have not yet been applied in practice in Poland. (“MICA Regulation”).