What are the other requirements relevant to the notification?
The offeror or person seeking admission to trading, as relevant, must be a legal person, draw up the white paper in accordance with Article 6 of MiCAR, notify the white paper in accordance with Article 8 of MiCAR and publish the white paper in accordance with Article 9 of MiCAR.
Article 8 of MiCAR sets out further requirements relating to the notification. This includes a requirement for a legal explanation, explained below.
Content and form of the white paper
The content of the white paper is prescribed by Article 6 and Annex I of MiCAR.
Commission Implementing Regulation (EU) 2024/2984 (the Whitepaper ITS) provides a template for the white paper which includes space for the prescribed information. Although the Whitepaper ITS applies from 23 December 2025, the white paper template is already being used. Additional requirements regarding format, including the use of XBRL, are expected to be applied once the Whitepaper ITS is applicable.
Legal explanation
When notifying a MiCAR white paper it must be accompanied by a legal explanation as required by Article 8(4) of MiCAR.
The guidelines on templates for explanations and opinions provide in Annex A the template for the legal explanation for the purposes of Title II MiCAR white paper notifications.
This legal explanation requires detailed responses regarding the regulatory classification of the crypto-asset and must reflect the laws of the relevant home Member State, where relevant. For example, the legal explanation must confirm that the crypto-asset is not a transferable security, unit in a collective investment undertaking or a deposit.
Notification of marketing communications
Under Article 7 of MiCAR, any marketing communications relating to an offer to the public of a crypto-asset, or to the admission to trading, must comply with certain requirements. Recital 24 to MiCAR provides that marketing communications, could be for example "advertising messages and marketing material, including through new channels such as social media platforms". This is very broad and potentially could capture tweets and social media posts on the crypto-asset which is offered to pubic or admitted to trading in the EU.
NCAs may request that you notify your marketing communication, if any, together with your white paper. Marketing communications are not defined in MiCAR.
Notification of 'modified' white papers
Pursuant to Article 12 of MiCAR, offerors, persons seeking admission to trading, or operators of a trading platform will have an obligation to modify published white papers and, where applicable, any marketing communications, whenever there is "a significant new factor, material mistake or material inaccuracy that is capable of affecting the assessment of the crypto-assets". This requirement shall apply for the duration of the offer to the public or for as long as the crypto-asset is admitted to trading.
MiCAR requires that modified white papers, including the reasons for such modification, to be notified to the NCA of the home Member State at least seven wording days before the modified white paper is published.
Within five working days of receipt of and the modified white paper, where applicable, of the modified marketing communications, the NCA of the home Member State shall notify the modified white paper and, where applicable, the modified marketing communications to the NCA of the host Member States and communicate the notification and the date of publication to European Securities and Markets Authority (ESMA).
Subsequent offers / admission to trading of crypto-assets
With regards to subsequent admissions to trading in the EU, MiCAR provides that the white paper requirements do not apply where the crypto-asset is already admitted to trading on another trading platform in the EU and a white paper has been drawn up in compliance with MiCAR and the person responsible for drawing up such white paper consents to its use in writing.
For subsequent offers to the public of crypto-assets, MiCAR notes that any subsequent offer shall be deemed a separate offer to the public to which the Title II MiCAR requirement apply, unless an exemption is available. No additional white paper shall be required for any subsequent offer so long as a white paper has been published in accordance with MiCAR, and the person responsible for drawing up such white paper consents to its use in writing.
Potential liability
There is potential liability under MiCAR for loss caused due to inaccurate information in white papers. Where a crypto-asset white paper contains information that is "not complete, fair or clear or that is misleading" the offeror, person seeking admission to trading, or operator of a trading platform and the members of their administrative, management or supervisory body may potentially be liable to the holders of the crypto-asset for any loss incurred due to that infringement.
Civil liability rules continue to apply to offerors, persons seeking admission to trading, and operators of trading platforms and to the members of their management body for the information provided to the public in the crypto-asset white paper.
Offerors and persons seeking admission to trading are also under certain obligations including in relation to conduct (e.g. to act honestly, fairly and professionally) and certain requirements in relation to systems and security access (set out in the ESMA
guidelines specifying Union standards on the maintenance of systems and security access for offerors and persons seeking admission to trading of crypto-assets other than asset referenced tokens and e-money tokens).
Notification process
Determining your home Member State
MiCAR white papers and ancillary documentation such as the legal explanation and marketing communications, where relevant, must be notified to the NCA of the 'home Members State' of the offeror of person seeking admission to trading of crypto-assets:
a) Where an offeror or person seeking admission to trading of crypto-assets has a registered office or branch in the EU, the home Member State should be where that person has its registered office or branch.
b) Where the offeror or person seeking admission to trading of crypto-assets is established in a third country, the home Member State would be either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made.
