EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is a MiCA crypto-asset white paper?
Under MiCA, a crypto-asset white paper is a mandatory disclosure document that issuers must publish before publicly offering a crypto-asset or having it admitted to trading in the EEA. The required content is specified in Annexes I-III of MiCA depending on the asset type (ordinary crypto-asset, ART, or EMT).
What is the exact legal definition?
MiCA Articles 6, 19, and 51 require crypto-asset white papers for different asset types. Article 8 sets out the notification procedure to the NCA. Annexes I (other crypto-assets), II (ARTs) and III (EMTs) specify the content. Source: Articles 6, 8, 19, 51 and Annexes I-III MiCA.
What does it actually mean in practice?
What goes in a white paper. Issuer identity, technology, rights and obligations attached to the token, key risks, issuance volume and terms, redemption conditions (where relevant), governance, and an executive summary. The exact specification varies by asset type but the structural elements are consistent.
Approval vs notification. For ordinary crypto-assets, the white paper is notified to the home NCA before publication; NCA approval is not required pre-publication. For ARTs and EMTs, white papers form part of the authorisation file and require NCA approval before issuance.
Liability of issuers. Article 15 establishes the issuer's civil liability for misleading white paper content. Each natural person responsible for the white paper must be identified. This is the consumer-protection backbone of MiCA's disclosure regime.
Practical use for users. Before acquiring a crypto-asset offered to the public in the EEA, users can consult the issuer's white paper for the underlying terms, the issuer's legal identity, and the key risk disclosures. ESMA maintains a register of notified white papers alongside the CASP register.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Article reference (other crypto-assets) | Article 6 (content) + Article 8 (notification) |
| Article reference (ARTs) | Article 19 |
| Article reference (EMTs) | Article 51 |
| Annex specification | Annex I (other), II (ART), III (EMT) |
What else do users ask about this?
Is a white paper enough by itself?
For 'other crypto-assets' (not ARTs/EMTs), yes - a notified white paper unlocks public offering. For ARTs and EMTs, the white paper is part of the broader authorisation file.
Who can be liable for misleading white-paper content?
The issuer and natural persons identified as responsible. Article 15 sets the civil liability standard; national procedural law governs enforcement.
Are white papers public?
Yes, by design. The issuer must publish the white paper before the public offer and notify the NCA; ESMA maintains a register of notified white papers.
Which sources is this entry based on?
- MiCA Article 6 - Content of crypto-asset white papers
- MiCA Article 8 - Notification of white papers
- MiCA Annexes I-III
- ESMA Register and white paper notifications
Glossary entries on The Crypto Register are sourced from primary legal texts (Regulation (EU) 2023/1114, ESMA guidelines, national regulator publications). They are not legal advice. Last verified .