Crypto glossary
MiCA crypto-asset white paper
A MiCA white paper is the mandatory disclosure document that must be published before crypto-assets are offered to the public or listed in the EU.
Unlike the informal white papers of earlier token sales, a MiCA white paper follows a set structure: information about the offeror and issuer, the project, the offer, the rights and obligations attached to the tokens, the underlying technology, the risks and the environmental impact of the consensus mechanism. It must be fair, clear and not misleading, include a summary and carry a statement that it has not been approved by any authority.
For most crypto-assets, the white paper is notified to the national competent authority, not approved, and published on the offeror's website; ESMA keeps a central register. Asset-referenced tokens require an authorised issuer and an approved white paper, and e-money tokens have their own regime. Marketing communications must be consistent with the white paper. Bitcoin and other assets with no identifiable issuer are not subject to these obligations when no one offers them, though trading platforms may need to prepare a white paper to admit them.
Issuers are liable for losses caused by incomplete or misleading information in the document, which gives investors a legal basis for claims.
Example
Before listing its token on EU exchanges, a project files a MiCA white paper with the Irish central bank, publishes it on its website and waits the required period before starting the offer.