MiCA White Paper – professional documentation for crypto-asset projects

The entity that makes an offer to the public of a crypto-asset in the European Union or seeks its admission to trading on a trading platform for crypto-assets. For crypto-assets other than asset-referenced tokens (ARTs) and e-money tokens (EMTs) it must be a legal person. Issuers of ARTs and EMTs draw up a white paper under separate, more demanding rules.

There are exemptions from this obligation, among others for offers addressed to fewer than 150 persons per Member State, offers of up to 1 000 000 EUR over 12 months and utility tokens providing access to a good or service that exists or is in operation.

The price depends on the scope. Indicative prices: review of a finished document with a gap report, from 1 500 EUR; review, iXBRL format and notification, from 3 000 EUR; document from scratch with iXBRL, LEI and DTI, notification and handling of the authority's questions, from 7 000 EUR.

The amounts are net and indicative, and we confirm the quote after analysing the project. Details: fixed-price products.

The time depends on whether the document already exists, how complex the token is and how quickly we receive the materials. We set the schedule after a consultation and count it back from the planned date of the offer or listing.

One deadline comes from the Regulation itself: the white paper is notified at least 20 working days before publication. We prepare the regulatory memo with a preliminary classification of the token within 72 hours from receipt of complete materials.

Yes, if the offer to the public or the admission to trading requires a white paper. The offeror publishes it on its publicly accessible website at a reasonable time in advance of, and in any event before, the starting date of the offer or the admission to trading.

The published version must be identical to the version notified to the authority and must remain available for as long as the crypto-assets are held by the public. Marketing communications may be disseminated only after the document has been published.

For crypto-assets other than asset-referenced tokens (ARTs) and e-money tokens (EMTs), no. The competent authority does not require prior approval of the white paper or of the marketing communications: the document is subject to notification, not approval. However, the authority may require changes, suspend the offer or prohibit it.

ARTs are different: there, approval of the white paper is granted together with the authorisation of the issuer. The white paper for an EMT is notified. Neither the notification itself nor an entry in the ESMA register means that the authority has assessed or accepted the project.

No. MiCA does not cover, among other things, financial instruments, deposits or crypto-assets that are unique and not fungible with other crypto-assets. A token that gives a share in profit or a right to income from an asset is usually a financial instrument and is subject to capital market rules.

Classification is determined by the features of the token, not by its name. That is why we start the cooperation with an analysis and, where needed, with a regulatory memo.

Both purport to maintain a stable value, but by referencing different things. An EMT, or e-money token, references the value of one official currency, for example the euro. An ART, or asset-referenced token, references another value or right or a combination thereof, for example a basket of currencies or a commodity.

Only a credit institution or an electronic money institution may issue an EMT. As a rule, the issuer of an ART needs authorisation, and approval of its white paper is granted in the same procedure.

It depends on the classification of the token. If a token based on a real-world asset is a crypto-asset covered by MiCA, an offer to the public requires a white paper as a rule.

If the token gives rights typical of securities, for example a share in profit from real estate or a renewable energy installation, it is usually a financial instrument. A MiCA white paper alone is then not enough, because capital market rules apply. More about this path: RWA tokenization.

Yes, within a scope confirmed individually. Besides the documentation we handle token and smart contract development, tokenomics and asset tokenization.

The client remains the offeror and the issuer; we prepare the documentation, the technology and the process. In borderline cases we work with a partner law firm.

That depends on the agreed scope and the requirements applicable to the document. A content review, production of the required file and notification support are separate tasks. The format and technical checks should be agreed before work starts.

The change needs to be assessed against the document and any subsequent procedure. The handover should identify the version of the materials reviewed. Support for later changes is agreed as part of the engagement.

No. A white paper describes the crypto-asset and its offer. CASP authorisation, colloquially called a licence, concerns an entity that provides crypto-asset services on a professional basis, for example operates a trading platform, exchanges crypto-assets or holds clients' crypto-assets in custody.

Notification and publication of a white paper do not confer CASP status, and an entity without authorisation must not suggest that it is such a provider.

MiCA applies directly. No supervisory authority has been designated. According to UKNF, a white paper cannot be filed in Poland, and a token with a white paper from another EU member state may be offered in Poland.

We establish who will be the offeror and in which jurisdiction at the start of the cooperation. More: legal status of tokenization in Poland (article in Polish).