Notes
These notes appear when a subject comes up often enough in product workshops to deserve being settled once, properly. There is no schedule: a note ships when it has been verified, not when the calendar says so.
Three rules I hold myself to. Every regulatory claim is dated, because these texts move and an undated claim becomes a liability. Every source is primary, and its link sits exactly where the claim is made, not only at the foot of the page. And what I have operated stays distinct from what I know, the boundary is stated rather than blurred.
These are neither legal advice nor predictions. I explain where a regulatory boundary runs, and why it decides the roadmap before the technology does.
The same hundred euros, three forms, different protections
A hundred euros in a bank account, in an electronic money wallet, or as an EMT look alike on screen. They give you neither the same claim, nor the same exit routes, nor the same protection. EURXT and EURI show that even among EMTs, the arrangement still decides.
The Livret A rises to 1.7%. A chance to look at where a yield really comes from
The Livret A rate rises to 1.7% on 1 August 2026. This state-guaranteed figure says something essential, by contrast, about the yields advertised by crypto and DeFi savings, and about what an honest product sheet should show.
A tokenised security is not a crypto-asset (under MiCA)
Do you need a MiCA licence to tokenise shares? No. The first question of any tokenisation product is legal, not technical: is the asset a financial instrument? The answer decides the applicable text, the regulator, and everything downstream.