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Markets in Crypto-Assets (MiCA) regulation, also known as Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in Crypto-Assets, is a fundamental regulation of the EU crypto market. Amending Regulations (EU) No 1093/2010, (EU) No 1095/2010, and Directives 2013/36/EU and (EU) 2019/1937, MiCA was officially adopted by the European Parliament on April 20, 2023. Although the regulation entered into force in June 2023, many of its provisions are poised to apply from December 30, 2024, or even as late as summer 2026 for selected countries
MiCAR applies to all crypto businesses previously deemed as virtual asset services providers (VASPs) – now changed to crypto-asset service providers (CASPs) – operating in the EU market. The regulation changed the way all crypto firms must operate, adding additional mandatory requirements to comply with. Namely, token issuers and other crypto firms that issue or offer tokens publicly must now prepare a MiCA-compliant crypto asset whitepaper.
Article 6 of MiCA states that the white paper must include clear information about the issuer, asset, terms of the offer, and investors’ risks, among others. At the same time, MiCA provides for three types of tokens – asset-referenced tokens (ARTs), e-money tokens (EMTs), and other crypto-assets – which have different procedures for cooperation with the regulator and structures of the document itself (specified in the relevant MiCA annexes).
Unless the crypto asset white paper is prepared in a way that takes into account all relevant MiCA guidelines, a token issuer can be deemed non-compliant and be prohibited from conducting operations in the region. Potentially, this can also result in subsequent regulatory action, reputational harm, and financial penalties, while at the same time, a MiCA-compliant crypto-asset whitepaper can enhance credibility and strengthen investor confidence in the project.
The crypto white paper mandatory requirements may also apply to firms operating from outside the EU when they offer specific token types to the public in the EU or seek admission to trading with EU-regulated platforms. In those cases, token issuers/offerors typically must prepare, notify, and publish MICA-compliant white paper with the competent authority of a chosen “home member state.” EU exchanges must ensure they only list tokens in line with MICA obligations.
Note: ART white papers cannot proceed without prior approval from the National Competent Authority (NCA); for EMTs (that could be issued either by a credit institution or an electronic money institution) and other crypto-assets, a simple notification typically suffices. As a result, offering ARTs to the general public typically involves more time and is subject to greater regulatory scrutiny.
In a couple of cases, however, for other crypto-assets, except ART and EMTs, a MiCA white paper is not needed at all. The regulation suggests that when a public offering is made to fewer than 150 natural or legal persons per EU member state, or is intended exclusively for qualified investors, or the issuances’ total consideration does not exceed €1 million within a 12-month calendar period, a crypto token issuer need neither write nor approve a white paper with a competent local authority.
The content of the white paper slightly varies depending on the type of token. Yet, it must still address, at the very least, the following essential points:
This part of the crypto token white paper must cover a detailed description of the issuer (name, legal form, registered address, contact details, and more), the project, and its objectives. The comprehensive list of what must be included in the MiCA white paper can be found here.
The MiCA white paper cannot go without the characteristics of the crypto-assets being offered and details of all natural or legal persons involved in token design and development.
Everything from the total amount of units to be offered, exchanges used for public offering, and the law applicable must be clearly stated within the MiCA white paper.
A very detailed description of the rights and obligations the token holder has is mandatory.
A crypto-asset white paper must cover information about the protocols and technical standards used, as well as where the token is issued, transferred, and stored.
Depending on the token type, a crypto white paper must clearly display all associated risks, including market, technological, and legal risks. Additionally, it should also include all mandatory sustainability disclosures and a disclaimer with warnings.
This part of the crypto token white paper must cover a detailed description of the issuer (name, legal form, registered address, contact details, and more), the project, and its objectives. The comprehensive list of what must be included in the MiCA white paper can be found here.
The MiCA white paper cannot go without the characteristics of the crypto-assets being offered and details of all natural or legal persons involved in token design and development.
Everything from the total amount of units to be offered, exchanges used for public offering, and the law applicable must be clearly stated within the MiCA white paper.
A very detailed description of the rights and obligations the token holder has is mandatory.
A crypto-asset white paper must cover information about the protocols and technical standards used, as well as where the token is issued, transferred, and stored.
Depending on the token type, a crypto white paper must clearly display all associated risks, including market, technological, and legal risks. Additionally, it should also include all mandatory sustainability disclosures and a disclaimer with warnings.
Overall, the process to successfully produce a MiCA white paper slightly differs based on the type of token and can take anywhere around 2 weeks and more, depending on the regulator’s current capacity and project complexity. In this guide, our specialists explain how to prepare a crypto white paper for Other Crypto-Assets, which currently represent the most frequent client inquiries.
Please note that Inteliumlaw also advises ART and EMT token projects on writing a MiCA-compliant crypto-asset white paper, where the admission to trading procedure is notably more complex. Feel free to contact our blockchain lawyers to get end-to-end support with getting a crypto license and preparing a compliant crypto token whitepaper.
Our firm analyzes and suggests the most relevant EU country to submit a necessary white paper. Prior to producing a MiCA white paper, however, issuers must also consult professionals to determine the token type and the applicable rules.
The justification for the classification of the token must be prepared and submitted together with the MiCA-compliant crypto-asset white paper. The note must clearly describe the asset and provide a reasoned basis for its classification within one of the three categories.
A MiCA white paper must contain information about the parties, the project, the nature of the cryptoasset, an explanation of the rights and obligations associated with the cryptoasset, and a description of the risks.
The procedure starts with notifying the regulator of the desire to submit a white paper. The applicant will then be provided with a link to submit documents via the secure channel. After uploading the required documents, the regulator will begin assessing the notification and notify the issuer once finished.
For clients entering the EU market, Inteliumlaw provides tailored support in adapting the existing or fully writing a crypto white paper while considering the requirements of specific countries and the rules of certain exchanges where the token will be traded, as well as drafting explanatory notes.
On top of the standard legal support with preparing a MiCA-compliant crypto-asset white paper, our specialists can, at the client's request, carry out the pre-publication notification process with the national competent authority (NCA) in a chosen EU member state.
Inteliumlaw experts have significant experience in preparing MiCA-compliant white papers, as well as other legal documentation required for the token issuer application process. From analyzing the provided documentation about the project and the token to helping a client with drafting the whitepaper and explanatory notes and acting as a liaison between the client and the NCA in their home member state to submit the whitepaper (notification) before publishing and addressing any regulator's inquiries – our specialists handle the process from start to finish.
Contact Inteliumlaw for professional assistance in writing a compliant MiCA whitepaper and starting a crypto business in Europe tomorrow.
Through years of supporting businesses’ sustainable growth, Inteliumlaw has built a robust network of partners ranging from software developers and gaming technology providers to operators and white-label businesses – all designed to offer our clients immediate access to industry-leading solutions.
Managing Partner at Inteliumlaw
Languages: English/Ukrainian
A MiCA white paper is an official document that contains a detailed description of a crypto asset, its terms of issue, rights, and risks. It is an analogue of a “prospectus” in the crypto asset sector, a document made to ensure transparency for investors and regulators.
The white paper is required for crypto-asset issuers offering their tokens publicly or seeking to list them on a crypto exchange within the EU. Some exceptions are provided for limited offerings or certain types of tokens.
MiCA requires that the white paper include at least the information about the issuer; a description of the cryptoasset, its features, and technology; details of the offer or admission to trading; rights, obligations, and risks for holders; financial information (if available); a statement of the issuer’s liability; and a detailed description of the complaint procedure(s).
A crypto token white paper must be prepared in accordance with the official template and follow the ESMA guidelines. The document must be in machine-readable (XBRL) format and written in one of the official languages of the home member state.
The MiCA white paper should contain information about the parties, the project, the nature of the cryptoasset, an explanation of the rights and obligations associated with the cryptoasset, a description of the risks, and more. Moreover, the crypto token white paper must be accompanied by an explanatory note and submitted to the regulator in advance.
The time for preparing a MiCA-compliant crypto white paper is not regulated by MiCA and depends on the complexity of the project and the type of asset. On average, it can take anywhere around 2 weeks for simple utility tokens and more for complex tokens, ART/EMTs (including reserve audit, sustainability indicators, etc.).
The cost depends on multiple factors, such as the project's nature, token classification, and the EU jurisdiction chosen. Typically, for simple tokens, the crypto white paper price will be relatively modest, even including document development and support for the submission procedure. A crypto white paper for complex ARTs or EMTs (with authorization, reserve assets, and audits) will cost more.
Yes, even during the grandfathering period, issuers must ensure that their white papers comply with MiCA requirements.
In general, according to Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA), a crypto white paper must be drawn up and submitted (notified) to the competent authority of the home EU Member State in one of the official languages of that Member State. Alternatively, a crypto white paper may be submitted in a language customary in the sphere of international finance (at the time of adoption of the regulation, this is English).
Inteliumlaw can provide full support for the process: classify the token according to MiCA; prepare or adapt the white paper to EU requirements; prepare explanatory notes; coordinate the process of notifying the white paper to the regulator (NCA); and help address regulatory requests.
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