As stated in recital 8 of the E-money Directive, the definition of the electronic money should be "wide enough to avoid hampering technological innovation and to cover not only all the electronic money products available today in the market but also those products which could be developed in the future." It was the legislator's will not to give a an exhaustive list of criteria to classify an activity as issuance of e-money and to let the possibility to the supervision authorities in each Member State to decide on concrete situations, taking into account the technological progress and the specific market evolutions.
As for the second question, Art. 1(4) and (5) provides that the provisions of the E-money Directive do not apply to monetary value stored on the instruments exempted at the Art. 3 (k) of the PSD (Directive 2007/64/EC) or used to make payment transactions exempted at the Art. 3(l) of the PSD.