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.
Templates and format requirements for preparing the white paper can be found in Commission Implementing Regulation (EU) 2024/2984 (Table 2).
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). With regard to the structure of this explanation, please refer to Guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of Regulation (EU) 2023/1114.
We also refer to the Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments.
- 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.
Please use the email address AMM[at]fma-li.li for the submission of white papers and marketing communications.
The FMA merely acknowledges the submitted white paper and enclosures – no approval or consent is given.
Reference is also made to the 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.