On 3 December 2024, Commission Implementing Regulation (EU) 2024/2984 laying down implementing technical standards for the application of MiCA with regard to forms, formats and templates for the crypto-asset white papers (the ITS) was published in the Official Journal of the EU. The ITS enters into force on 23 December 2024 and will apply from 23 December 2025.
As background, MiCA requires a person making an offer to the public or seeking admission to trading of crypto-assets to draw up, notify to their competent authority and publish a crypto-asset white paper, which is similar to a prospectus, unless an exemption/exclusion applies.
The form and content requirements for crypto-asset white papers for crypto-assets other than asset-referenced tokens (ARTs) or e-money tokens (EMTs) are set out in Article 6 of MiCA.
The form and content requirements for crypto-asset white papers for ARTs are set out in Article 19 of MiCA and for EMTs are set out in Article 51 of MiCA (and note that persons offering ARTs and EMTs are also subject to an authorisation requirement).
The Technical Standards sets out:
- the format of crypto-asset white papers to ensure that they are accessible and in machine readable format; and
- template white papers for: (i) crypto-assets other than ARTs or EMTs; (ii) ARTs; and (iii) EMTs in its Annex.
Crypto-asset issuers planning to launch crypto assets into the EU market will need to comply with these Technical Standards.
For further guidance and support on implementation, please contact the LawBEAM team.
