White Paper MiCAR Notification Process for Crypto-Assets "other than ART and EMT"
Under MiCAR, for public offerings or admission to trading, issuers of crypto-assets "other than ART and EMT" must notify regulators and publish a compliant white paper. Under certain circumstances, also CASPs may notify and publish white papers.
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What does MiCAR require in particular from foreign issuers seeking entry into the EU crypto market?
Admission to Trading and Public Offering
Under MiCAR, issuers of crypto-assets other than EMTs and ARTs must publish a white paper before making a public offering or admitting the tokens to trading in the EU.
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The issuer must notify the relevant national competent authority at least 20 days before publication.
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The white paper must be clear, fair, and not misleading, and it must be made publicly available.
Importantly, exemptions may apply.
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Issuers not domiciled in the EU, can select the member state authority. They need no domicile in the EU. This provides for the opportunity to select a fitting regulator depending on the issuer's focus.
Some Dos and Don'ts
When notifying the competent authority, the issuer must submit not only the white paper but also additional documentation, such as a detailed explanation of the qualification of the crypto-asset as a “crypto-asset other than ART or EMT”.
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The white paper itself must contain a summary, financial statements, identifying details of the issuer and responsible persons, and a clear description of the project, its technical design, and risks associated with the token, and the underlying technology.
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Importantly, no public statements or marketing communications may be made before the white paper has been duly notified.
Our MiCAR Assessment and Implementation of Your Project
The introduction of MiCAR brings a defined regulatory framework for Crypto-Assets. Allegra LAW provides legal and regulatory support for issuers or CASPs, in particular on notification processes for white papers. We assess whether your token qualifies as a crypto-asset "other than ART and EMT” under MiCAR, clarify related obligations, and guide you through the preparation and submission of compliant white papers. Our regulatory insight ensures that your project is not only well-positioned for approval but also aligned with MiCAR’s legal and procedural standards from the outset.
Your Contact Persons
Piotr Wojtowicz
Attorney at Law* | LLM
Christian Sachs
Attorney at Law**
Disclaimer
This article is not intended to serve as legal advice. It reflects the authors' general opinions as of the publication date, without consideration of specific facts or situations. Any liability for the accuracy, correctness, completeness, or fairness of the article's content is expressly disclaimed.
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* admitted to the bar of the Canton of Zurich
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** admitted to the bar in Germany and registered in the list of attorneys (art. 28 BGFA) of the Canton of Zurich