Who We Serve
We advise crypto-asset issuers, CASPs and Swiss firms navigating Regulation (EU) 2023/1114 (MiCAR).
Crypto-Asset Issuers
Whitepaper preparation and notification procedures under MiCAR Title II for utility tokens, asset-referenced tokens (Title III), and e-money tokens (Title IV). We ensure your offering meets ESMA and EBA technical standards from day one.
Crypto-Asset Service Providers (CASPs)
MiCAR Title V licensing strategy for exchanges, custody providers, transfer services, and advisory firms. From authorisation applications to ongoing conduct requirements under Arts. 59–82 MiCAR.
Swiss Firms Entering EU Markets
Strategic advisory for Swiss-based crypto companies seeking EU market access, including jurisdictional selection, entity structuring, and coordination between Swiss DLT regulation and MiCAR compliance.
What We Do
End-to-end MiCAR compliance services, from whitepaper drafting to CASP licensing and ongoing regulatory obligations.
MiCAR Whitepaper Drafting
Preparation of MiCAR-compliant crypto-asset whitepapers under Arts. 4–6 MiCAR, including mandatory disclosures, risk factors and issuer transparency requirements.
CASP Licensing
Full-service authorisation applications for crypto-asset service providers under Art. 59 MiCAR, including governance, capital requirements, and conduct rule compliance.
ART & EMT Compliance
Regulatory structuring for asset-referenced tokens and e-money tokens, including reserve requirements, redemption rights, and EBA authorisation procedures.
Swiss–EU Regulatory Bridge
Coordination between Swiss DLT/FINMA frameworks and MiCAR requirements, including entity structuring for dual-jurisdiction compliance and reverse solicitation analysis.
Market Abuse & Disclosure Obligations
Compliance with MiCAR Title VI market abuse provisions (Arts. 86–92), including insider dealing prevention, market manipulation policies, and disclosure protocols.
Ongoing Regulatory Compliance
Post-authorisation support including prudential reporting, complaints handling, conflicts of interest management, and adaptation to evolving ESMA/EBA technical standards.
Why Switzerland
Switzerland's unique position at the intersection of EU market access and crypto-native regulation makes it the ideal base for MiCAR strategy.
Swiss–EU Strategic Positioning
Swiss-based crypto companies can establish EU subsidiaries for MiCAR compliance while maintaining their Swiss headquarters under the DLT Act framework. This dual structure combines Switzerland’s DLT framework with EU single-market access — a model we frequently structure for crypto-native businesses.
Reverse Solicitation Clarity
MiCAR Art. 61 restricts third-country firms from soliciting EU clients, but permits reverse solicitation where EU clients initiate contact. Understanding these boundaries — and structuring operations accordingly — is critical for Swiss firms. Switzerland's transparent regulatory environment aids in documenting compliance.
Regulatory Maturity in Crypto
Switzerland regulated crypto-assets years before MiCAR, with FINMA's 2018 ICO Guidelines, the 2021 DLT Act, and DLT trading facility licences already in force. This regulatory maturity means Swiss firms entering EU markets under MiCAR do so from a position of compliance strength, not catch-up.
Talent & Infrastructure Hub
With over 1,100 blockchain companies in Crypto Valley, Switzerland offers significant access to technical talent, infrastructure providers, and institutional partners. This ecosystem accelerates MiCAR readiness by providing the operational foundations — custody, compliance tech, audit firms — that EU authorisations require.
Why Allegra LAW
What sets us apart in MiCAR compliance and crypto-asset regulation.
Dual-Framework Expertise
Allegra LAW combines deep expertise in Swiss DLT regulation and EU MiCAR, enabling seamless structuring across both frameworks.
Former FINMA Professionals
Our team includes professionals with prior FINMA experience in crypto-asset supervision, providing practical insight into regulatory assessment approaches.
Whitepaper Specialists
Allegra LAW has practical experience drafting MiCAR-compliant whitepapers, with in-depth knowledge of ESMA disclosure standards.
EU Regulatory Network
Allegra LAW coordinates with local counsel across key EU jurisdictions — France, Germany, Luxembourg, Liechtenstein — to execute MiCAR licensing in the optimal member state for your business.
Boutique Precision
Every mandate is led by a senior crypto-regulatory lawyer, ensuring specialist oversight from structuring through authorisation.
Digital Exchange Pioneers
Allegra LAW advised on the first digital stock exchange licence in Switzerland — experience that provides a strong practical understanding of tokenised asset regulation beyond theoretical analysis.
What We Cover
A comprehensive overview of our MiCAR and crypto-asset regulatory practice.
Whitepaper & Token Classification
✓ MiCAR crypto-asset whitepaper drafting
✓ Token classification (ART, EMT, other)
✓ NCA notification and approval filings
✓ Marketing communications compliance
✓ Swiss–EU dual classification analysis
CASP Licensing
& Compliance
✓ CASP authorisation (Arts. 59–82 MiCAR)
✓ Prudential & governance requirements
✓ Custody & segregation obligations
✓ Market abuse prevention
✓ Ongoing ESMA/EBA reporting
Cross-Border &
Swiss Structuring
✓ Reverse solicitation analysis
✓ EU passporting via EEA subsidiaries
✓ Swiss DLT Act / MiCAR interplay
✓ AML/TFR compliance (Travel Rule)
✓ Stablecoin (ART/EMT) reserve structuring
Your MiCAR Journey in 4 Steps
From regulatory assessment to EU market entry, we guide you through every phase of MiCAR compliance.
1
Regulatory Mapping & Token Classification
We classify your crypto-asset under MiCAR (utility token, ART, EMT, or excluded instrument), assess which Title applies, and determine whether you need a whitepaper, notification, or full authorisation.
2
Whitepaper & Documentation
We draft your MiCAR-compliant whitepaper per Art. 6 requirements, prepare CASP licence applications under Art. 59, and develop governance and compliance documentation to ESMA/EBA standards.
3
Jurisdictional Setup & Licensing
We select the optimal EU member state for your authorisation, structure the legal entity, and manage the NCA submission process — coordinating with local counsel for efficient execution.
4
EU Market Entry & Ongoing Compliance
Post-authorisation, we support EU passporting across member states, ongoing prudential reporting, and adaptation to evolving ESMA/EBA technical standards as MiCAR implementation matures.
Frequently Asked Questions
Key questions about MiCAR compliance and crypto-asset regulation in Europe.
What is a MiCAR whitepaper and when is it required?
Under Art. 4 of MiCAR (Regulation 2023/1114), any person offering crypto-assets to the public or seeking admission to trading in the EU must publish a crypto-asset whitepaper. Art. 6 specifies mandatory content: description of the issuer, the crypto-asset, the underlying technology, associated risks, and the rights/obligations attached. The whitepaper must be notified to the relevant National Competent Authority (NCA) at least 20 working days before publication. Exemptions apply for small-scale offerings below applicable MiCAR thresholds and for certain limited distributions. Allegra LAW drafts whitepapers that meet every ESMA technical standard, ensuring your offering passes NCA review without delays.
What is a CASP licence and who needs one?
Under MiCAR Title V (Arts. 59–82), any entity providing crypto-asset services in the EU requires authorisation as a Crypto-Asset Service Provider (CASP). Regulated services include custody of crypto-assets, operation of trading platforms, exchange services, transfer services, portfolio management, and advisory services. CASPs must be EU-established legal entities with minimum capital (€50,000–€150,000 depending on service type), adequate governance, and ongoing conduct requirements. Once authorised in one member state, CASPs can passport services across all EU/EEA countries. Allegra LAW manages the full CASP licensing process, from entity structuring to NCA submission, leveraging our regulatory expertise to select the optimal jurisdiction for your business.
Can a Swiss company serve EU clients under MiCAR?
MiCAR does not include a third-country equivalence regime, meaning Swiss firms cannot directly passport into the EU. However, two paths exist: (1) establish an EU-authorised subsidiary (CASP or issuer entity) in a suitable member state, or (2) rely on reverse solicitation under Art. 61 MiCAR, where EU clients initiate contact entirely at their own initiative — though this exception is narrowly interpreted by ESMA. Most Swiss firms choose the subsidiary route for legal certainty. Allegra LAW specialises in structuring Swiss–EU dual entities that maintain Swiss headquarters under FINMA/DLT regulation while operating an EU-authorised CASP for European market access.
What are asset-referenced tokens (ARTs) and e-money tokens (EMTs) under MiCAR?
MiCAR creates two special categories for stablecoins. Asset-referenced tokens (ARTs, Title III) maintain stable value by referencing multiple assets, currencies, or commodities — issuers need EBA authorisation, must maintain adequate reserves, and face enhanced requirements if classified as "significant" (over €5 billion market cap or 10 million holders). E-money tokens (EMTs, Title IV) reference a single fiat currency and must be issued by a licensed credit institution or e-money institution, with holders having a permanent redemption right at par value. Allegra LAW advises stablecoin projects on structuring that complies with these regimes, including reserve management, redemption mechanisms, and EBA/NCA submissions.
How does MiCAR interact with Swiss DLT regulation?
MiCAR and Swiss DLT regulation address different scopes. MiCAR governs crypto-assets that are not financial instruments (those remain under MiFID II), while Swiss law treats ledger-based securities under Art. 973d CO as full securities subject to existing financial market law. A token that qualifies as a financial instrument in the EU falls outside MiCAR, while a tokenised share in Switzerland falls under the DLT Act and CO. For Swiss issuers targeting both markets, careful dual-classification is essential. Allegra LAW's unique expertise in both frameworks enables us to structure token offerings that satisfy Swiss DLT Act requirements and MiCAR obligations simultaneously — avoiding regulatory conflicts and maximising market reach.