Crypto-assets other than asset-referenced tokens or e-money tokens
Providers of crypto-assets other than ARTs and EMTs (Title II tokens), as well as persons applying for the admission of such crypto-assets to trading, must submit a white paper to the FMA that complies with the requirements of Title II and Annex I of MiCAR no later than 20 working days before its publication.
This obligation also applies to crypto-assets that were already offered to the public before 30 December 2024, provided the offer continues beyond this date.
The following documents and information must be submitted to the FMA together with the white paper:
- Indication of whether the white paper relates to the public offering or the admission to trading of a crypto-asset.
- An explanation stating why the crypto-asset in question is not excluded from the scope of MiCAR and does not constitute an ART or EMT (Article 8(4) MiCAR).
- A list of the host Member States, if any (Article 8(6) MiCAR).
- The link to the website on which the white paper is to be published.
At the request of the FMA or the national supervisory authority of another EEA country, the marketing communications must also be submitted.
The white paper and marketing communications must be submitted via the application module in the e-Service portal.
The FMA merely acknowledges the submitted white paper and enclosures – no approval or consent is given.
Legal basis
- Regulation (EU) 2023/1114 on markets in crypto-assets
- Implementing Regulation (EU) 2024/2984 laying down implementing technical standards for the application of MiCAR with regard to forms, formats and templates for the crypto-asset white papers
- Delegated Regulation (EU) 2025/421 supplementing MiCAR with regard to regulatory technical standards specifying the data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable
- Delegated Regulation (EU) 2025/422 supplementing MiCAR with regard to regulatory technical standards specifying the content, methodologies and presentation of information in respect of sustainability indicators in relation to adverse impacts on the climate and other environment-related adverse impacts
- Guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of Regulation (EU) 2023/1114
- Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments
- Guidelines on the specification of Union standards for the maintenance of systems and security access protocols for offerors and persons seeking admission to trading of crypto-assets other than asset referenced tokens and e-money tokens