Article 52 Liability of issuers of e-money tokens for the information given in a crypto-asset white paper

This article establishes the civil liability regime for issuers of e-money tokens in connection with the content of their crypto-asset white papers.

It directly mirrors the liability framework that Article 26 sets out for issuers of asset-referenced tokens, applying the same logic to the e-money token context.

The core principle is that where an issuer has breached Article 51 by including incomplete, unfair, unclear, or misleading information in a white paper, both the issuer and the members of its governing bodies are liable to token holders for any resulting losses.

Importantly, any contractual attempt to exclude or limit this liability is rendered void, and the article sits alongside rather than displacing any additional civil liability that may exist under national law.

Important points:

• As an issuer of e-money tokens, you cannot contractually exclude or limit your civil liability for misleading or incomplete white paper disclosures — any such clause has no legal effect.
• The burden of proof lies with the token holder, who must demonstrate both that the white paper contained deficient information and that reliance on that information influenced their decision to purchase, sell, or exchange the token.
• Liability for the white paper summary specifically is limited: issuers are only exposed where the summary is misleading, inaccurate, or inconsistent when read alongside the full white paper, or where it fails to provide key information needed by prospective holders.