MiCA Crypto-Asset White Paper Service for EU Token Issuers
Launch your token in the EU with a White Paper fully compliant with MiCA requirements and comprehensive legal support. 🚀 We handle company incorporation in the EU, assistance in drafting your White Paper, regulator notification, and preparing your token for listing so you can fully focus on your product. 📈
MiCA compliance made simple — from White Paper to listing
✅ Drafting a White Paper in full compliance with MiCA, its review, and regulator notification
✅ Company registration in Estonia and complete corporate project support
✅ Assistance with token listing and onboarding to an EU crypto exchange
✅ CASP licensing consulting for crypto-asset service providers
✅ Ensuring marketing and investor materials meet all MiCA requirements
List your token on an EU crypto exchange — from €3,900.
Transparent pricing, fast timelines, and experienced crypto lawyers to support you at every stage. Suitable for issuers of utility, governance, gaming, and serial NFT tokens under MiCA Title II.
📞 Ready to launch? Contact us to get your MiCA plan and timeline today Send enquiryMake Your Token MiCA-Ready: Legal Steps for Crypto Projects
A Complete Guide to Drafting, Reviewing, and Notifying a White Paper Under MiCAR
The EU’s Markets in Crypto-Assets (MiCA) Regulation is a groundbreaking framework that brings legally mandated standards to crypto projects across Europe. MiCA aims to protect investors and ensure market integrity by requiring clear disclosures and accountability from crypto-asset issuers. It covers all types of crypto-assets, including stablecoins as well as other cryptocurrencies and tokens.
Under MiCA, filing and publishing a compliant White Paper is more than a legal formality — it allows lawful promotion of your token in the EU, strengthens your project’s credibility, and ensures broader visibility on regulated exchanges without restrictive labels.
On this page, we focus on Title II of MiCA, which addresses crypto-assets other than ARTs and EMTs – essentially utility tokens, cryptocurrencies, NFTs in series, and other similar digital assets that are not stablecoins. With MiCA’s main provisions entered to force on 30 December 2024 and with a transition period until the end of 2025, EU-based crypto teams must understand how to prepare and register a MiCA-compliant White Paper for their token by the deadline. This guide provides a step-by-step overview for projects to successfully comply with MiCA requirements.
📑 Need a MiCA-Compliant White Paper?
Planning to launch your token in the EU? 💡 Before you go public or list a token on an exchange, MiCA requires a properly drafted and filed White Paper. ⚖️📄
We help token issuers and crypto teams prepare, review and submit a MiCA-compliant White Paper – from scratch or based on your draft. Fast, clear and and regulator-ready. 🚀✅
✨ Let’s make your token MiCA-ready — book a free consultation today. 🤝
📄 MiCA White Paper Support Packages
Preparing a MiCA-compliant White Paper involves multidisciplinary effort. Our firm offers tailored service packages to assist crypto projects at different stages and budgets. Below are sample packages we provide:
Basic Package – Legal Entity Setup & White Paper Filing
€3900
For teams that already have a finalized crypto-asset White Paper and need to meet MiCA’s minimum legal requirements, our Basic Package ensures those essential steps are covered. This package handles the foundational compliance tasks—like company formation and regulatory filing—swiftly and professionally.
- ✅ Incorporation of a legal entity in the EU (required under MiCA)
- ✅ Submission of your White Paper to the appropriate national regulator
- ✅ All necessary filings and applications will be submitted on your behalf
Standard Package – White Paper Compliance Review
€6400
For teams who have written their own White Paper and want add confidence that it fully meets MiCA’s standards. Our standard package includes a thorough review of the documentation for compliance with all applicable ones. We will fully review your draft, mark all problem areas and provide support in their correction so that the document fully complies with MiCA requirements.
- ✅ Includes every service from the Basic Package
- ✅ Full legal review of your White Paper for MiCA compliance
- ✅ Detailed compliance report with actionable feedback on any gaps
- ✅ One round of document edits with tracked changes
- ✅ 1-hour consultation call to discuss feedback and next steps
Advance Package – White Paper Drafting & Development
€15,000
For crypto-projects starting from scratch and aiming for a fully compliant White Paper, the Advanced Package delivers an end-to-end solution. We handle everything from initial drafting and proper formatting to direct interaction with regulators, guiding your project through the entire white paper creation process.
- ✅ Includes every service from the Basic Package
- ✅ Collaborative drafting of the White Paper’s business, legal, and technical content
- ✅ MiCA-compliant design, formulation of disclaimers and risk disclosure policies
- ✅ Coordinating the process with your technical team, multiple rounds of document revisions
- ✅ Guidance throughout the entire process from initial planning to final publication
Premium Package – Full Compliance with MICA & Token Issuance Strategy
from €30,000
For projects and startups planning to launch their token in the EU and requiring comprehensive legal and strategic support. Our premium package fully covers all the necessary stages and nuances – from setting up your company and preparing a MiCA-compliant White Paper to advising on marketing, licensing, and providing ongoing legal support post-launch.
- ✅ Includes every service from the Advanced Package
- ✅ Strategy and roadmap consulting (e.g. tailored launch strategy for a specific EU country like Estonia)
- ✅ Guidance on Crypto-Asset Service Provider (CASP) registration procedures
- ✅ Checking the project website, pitch deck and investor materials for compliance with EU requirements
- ✅ Post-launch legal support to address regulatory questions and ensure ongoing compliance
Note: The above packages are flexible – we can customize the scope based on your project’s needs. For example, some clients add an ESG impact assessment to discuss the environmental footprint of their token, or a tokenomics audit to validate their economic model. Our goal is to make MiCA compliance as seamless as possible so you can focus on building your product.
What is MiCA and Why Does It Matter?
MiCA (Markets in Crypto-Assets Regulation) is the European Union’s first comprehensive crypto regulation, establishing uniform rules for crypto-asset issuers, crypto-asset service providers (CASPs), and investors across all member states. It was adopted in 2023 and brings crypto under a single regulatory umbrella to prevent fraud, protect consumers, and ensure financial stability while supporting innovation.
From late 2024 onward, any crypto project raising funds or seeking exchange listings in the EU must comply with MiCA standarts. Non-compliance means you cannot legally offer tokens to the public in the EU and may face penalties. MiCA introduces the concept of a mandatory crypto-asset White Paper – similar to a prospectus – that must be prepared, notified to regulators, and published before offering a token to EU investors. In short, MiCA brings much-needed legal certainty and investor trust to crypto. For projects, it offers a clear path to launch tokens across all EU countries with one set of rules, replacing the old patchwork of national regulations.
With the transition period deadline approaching in December 2025, having a clear understanding of the MiCA requirements will ensure that your project can continue to operate and attract EU investors.
Which Tokens Fall Under MiCA Title II?
MiCA Title II covers virtually all crypto-assets except the two stablecoin categories (ARTs and EMTs). If your token is not an e-money or asset-referenced stablecoin, it likely falls under Title II. Eligible token types include:
- Utility Tokens: These provide holders with access to a product or service offered by the issuer (essentially a digital voucher or membership token). Example: A token that must be spent to use a blockchain game’s features or cloud storage service. (MiCA explicitly defines a “utility token” as one that provides access to goods or services.) Most Web3 platform tokens fall in this category.
- Governance Tokens: Tokens granting voting rights or participation in protocol governance (often seen in DeFi and DAO projects). They typically confer influence over project decisions rather than a financial claim. Example: UNI (Uniswap) or AAVE tokens let holders vote on changes to those protocols. Under MiCA, these are treated as crypto-assets (usually under the “other crypto-assets” category) alongside utility tokens.
- GameFi Tokens: In-game or metaverse currencies and reward tokens. These often act as utility tokens within blockchain games or virtual worlds (for buying items, leveling up, etc.). Example: AXS in Axie Infinity or SAND in The Sandbox. Such tokens, if offered to the public or traded, require a MiCA-compliant white paper just like any other utility token.
- Gas and Protocol Tokens: Native cryptocurrencies of blockchain networks, used to pay transaction fees or secure the network. Examples: ETH for Ethereum gas, MATIC for Polygon, or ADA (Cardano). Even major cryptocurrencies like Bitcoin and Ethereum are considered crypto-assets under MiCA (neither stablecoins nor unique NFTs). While Bitcoin itself has no issuer, any new offering of a similar token or any admission of such tokens to trading by a platform must observe MiCA’s rules (with some nuances for truly decentralized assets).
- Serial NFTs and Fractional Assets: Non-Fungible Tokens (NFTs) that are truly unique (e.g. one-of-a-kind digital art) are largely excluded from MiCA. However, if NFTs are issued in large series or collections such that they are not unique or are fractionalized (multiple interchangeable tokens representing shares of an asset), they can be treated as regular crypto-assets under MiCA. Example: A collection of 10,000 “loot box” NFTs with identical characteristics sold to the public would likely require a MiCA white paper, because despite the NFT label, they are not genuinely unique or non-fungible in the regulatory sense. Always assess NFTs on a case-by-case basis – if an NFT project is used for fundraising or has fungible-like qualities, MiCA may apply.
If your token is not a stablecoin, assume MiCA Title II covers it. This spans everything from DeFi governance tokens and exchange tokens, to gaming tokens and certain NFTs. The scope is very broad, capturing any “digital representation of value or rights” on a distributed ledger that isn’t already regulated as traditional securities.
Issuer Requirements under MiCA
Under MiCA Title II, any offer of crypto-assets to the public in the EU or any seeking of admission to trade such assets on an exchange triggers the requirement to prepare and file a complaint White Paper. Key obligations for token issuers (or offerors) include:
- Incorporation – The issuer/offeror must be a legal entity (a “legal person”). You cannot do a public token sale in the EU as an unincorporated team or individual. Most projects set up a company (often an EU-based OÜ, Ltd, GmbH, etc.) to be the official issuer. This ensures accountability and that there’s a legal entity on the hook for the obligations and liabilities under MiCA.
- Crypto-Asset White Paper – A compliant White Paper must be drawn up, notified, and published before any public offering or exchange listing. In practice, this means writing a document with all required disclosures (see next section), submitting it to the national regulator (your chosen National Competent Authority, or NCA) for notification, and making it publicly available to investors (for example, on your website and via the regulator/ESMA registry). Importantly, for non-stablecoin tokens under Title II, the NCA does not “approve” the white paper in advance – but notification is mandatory, and regulators can intervene (suspend or halt an offering) if the paper doesn’t meet MiCA’s standards.
- Marketing and Conduct Rules – Issuers must comply with MiCA’s rules on fair marketing and business conduct. All communications (ads, social media, etc.) must be clear, balanced, and not misleading, and comply with the contents of the White Paper. Issuers should also implement operational safeguards (segregating customer assets, etc.) and follow AML/KYC obligations under broader EU law. In short, beyond the White Paper itself, you are expected to behave responsibly and protect purchasers’ funds.
- Liability – MiCA makes issuers legally liable for the information in the White Paper and marketing. If investors suffer harm due to false or misleading statements, the issuer can be held accountable and subject to compensation claims. You cannot contract out of this liability or add disclaimers to evade it. This puts a legal weight behind the accuracy of your disclosures – a strong incentive to ensure the White Paper is truthful and complete.
In summary, to offer a token in the EU you need a company and a compliant White Paper. You must notify the White Paper to the regulator and then proceed with the token sale or listing. All the while, adhere to MiCA’s conduct standards and remember that you carry liability for what you communicate. These requirements are enforceable from 30 December 2024 for Title II tokens, so issuers should be preparing well ahead of any planned 2025 offerings.
White Paper Content Requirements
A MiCA-compliant crypto-asset White Paper is a formal document that must include specific content and sections mandated by law. Think of it as a regulated prospectus-like document for your token offering, designed to inform investors of all relevant aspects and risks. MiCA Article 6 and Annex I detail the required content for crypto-asset white papers, which can be summarized as follows:
- Disclaimers and Responsibility: The front page must prominently declare that “This crypto-asset white paper has not been approved by any competent authority in the EU. The Issuer is solely responsible for its content”. Additionally, a statement from the issuer’s management is required, certifying that the white paper complies with MiCA and that the information is fair, clear, and not misleading. A clear risk warning about the potential loss of the investment and the token’s limited liquidity/transferability must also be included. (In short, investors should be warned they could lose all their money and that the token may be hard to trade or cash out.) These disclaimers set the tone and legal context.
- Summary: A brief, non-technical summary follows the cover statements. This gives key information about the project and the offering in a digestible way for investors who may not read the full document. MiCA specifies including a short risk warning in the summary as well.
- Information about the Issuer: Detailed information about the legal entity behind the project. This includes the company’s name, legal form, registered address, registration number, contact info, key management/team members, and a description of the issuer’s business and financials (typically a description of what the company does and summary financial condition or relevant financial data for the past years). Essentially, the who’s who and general credibility of the team/company offering the token. If a different entity (like a platform) is seeking the exchange listing, information on that entity must be included as well.
- Project Description: A clear description of the project or ecosystem that the token is part of, especially what will be done with any capital raised. This often covers the project’s purpose, roadmap, and milestones (past and future). If you are raising funds to develop a platform, explain the plan and timeline. Investors should understand what they are funding and how the project will develop.
- Details of the Crypto-Asset: All pertinent information about the token itself and its characteristics. This includes whether it’s a utility token, governance token, etc., what rights or functionalities it has, its supply and tokenonomics, how it is issued or created, and the underlying technology. You should describe the blockchain or DLT it uses, consensus mechanism, smart contracts, protocols or standards (ERC-20, BEP-20, etc.), and any technical characteristics important to understanding the token. Essentially, how does your token work and what makes it tick?
- Rights and Obligations Attached: A section detailing what holders of the token are entitled (or not entitled) to. For example, does the token give governance voting rights? Access to certain services? A share of fees or profits? Or no rights at all except usage in an application? Also, are there any lock-up periods, transfer restrictions, or conditions under which token holders’ rights could change (such as the ability of the issuer to modify the token’s protocol or terms). If future token sales or new issuances are planned, those should be disclosed here as well, since they affect holders.
- Terms of the Offering: Information about the offer to the public or admission to trading. This includes the reasons for the offer (e.g. fundraising for development), the amount to be raised or hard cap, the issue price (or how the price will be determined), the total number of tokens to be issued, and what exchanges or platforms (if any) the token is intended to trade on. Essentially, the when/where/how of the token sale or listing (start date, duration, any investment limits, accepted currencies, etc.) should be covered.
- Risk Factors: A comprehensive breakdown of the risks associated with the token, the project, the technology, and the regulatory environment. MiCA requires this to be in a concise and understandable form, covering risks to the project’s success, risks of the underlying blockchain or smart contract (hacks, bugs), market risks (volatility, liquidity), legal risks, and so forth. No forward-looking promises about token value are allowed – you cannot speculate on future price or returns. If something important could go wrong, it should be disclosed here.
- ESG and Technical Impact: Uniquely, MiCA also asks for disclosure of principal adverse impacts on the climate and environment related to the crypto-asset. This typically means explaining the consensus mechanism’s energy consumption or environmental footprint. For instance, if your token runs on a Proof-of-Work blockchain, the white paper should acknowledge the high energy usage and associated climate impact. This was included in response to concerns about Bitcoin mining. If your project has any broader ESG (Environmental, Social, Governance) considerations or commitments (e.g. carbon offsets, community benefits), those can be mentioned as well.
All information in the White Paper must be presented in a fair, clear, and non-misleading way. The document should be written in plain language (as much as possible) and organized with a table of contents and clear sections. MiCA allows the White Paper to be published in either an official language of the home country or in a language customary in international finance – in practice, English is acceptable everywhere. Most projects opt for English to reach the widest investor base.
After drafting the White Paper with all required content, the issuer must formally notify it to the regulator and then publish it. Notified white papers will be made public via an ESMA central register as well, enhancing transparency. Remember that even after publication, if any material changes occur (for example, you change the token supply or the project’s roadmap), MiCA obliges issuers to update the white paper and notify the regulator of the changes (there are update procedures in Article 12 MiCA).
Tip: Preparing a MiCA White Paper is a significant task – it requires legal, technical, and business input. Many projects engage legal advisors or compliance consultants to help draft it in line with MiCA’s Annex I requirements. It’s not just a marketing brochure, but a legal disclosure document. Taking it seriously will not only keep you compliant but also earn trust from investors who see a thorough, honest document.
Exemptions: When is a White Paper Not Required?
Not every token distribution triggers the MiCA white paper obligation. MiCA provides several exemptions (in Article 4) where an offer of crypto-assets does not require a compliant White Paper. Key exemptions include:
- Small private offerings: If the offer is made to fewer than 150 persons per EU Member State, no White Paper is required. This is similar to the EU Prospectus Regulation 2017/1129 threshold for private placements. Likewise, if the total consideration of the offer does not exceed €1,000,000 (over a 12-month period), you’re exempt. In other words, very small fundraising rounds or private sales can be done outside MiCA’s scope.
- Qualified Investor offers: Offers solely to qualified investors (institutional/professional investors) can be exempt, provided that the tokens acquired are only tradable by those qualified investors afterward. This is a narrower case, but essentially if you do a sale entirely to VCs/institutions and the tokens won’t slip into retail hands, a White Paper might not be needed.
- Free distribution and rewards: If the crypto-asset is offered for free (no payment) or given as a reward for mining/staking or platform use, it is exempt. For example, airdrop campaigns or tokens earned through play-to-earn gaming do not require a White Paper, as no public offer in exchange for payment is deemed to occur. (However, if later those users could trade the token publicly, other rules may kick in on the exchange side.)
- Utility token in already-functional service: MiCA carves out an exemption for a utility token that provides access to a good or service that already exists and is fully operational (essentially functioning like a voucher or access key). If your token simply serves as a pre-paid access to an already running application, and not as an investment, you might not need a MiCA white paper. (This prevents double-regulating things like software license keys or game access tokens that are sold as such.)
- Limited network tokens: Similarly, a token usable only within a limited network of merchants or service providers with contractual arrangements (like a closed-loop loyalty or reward token usable at only certain stores) is exempt. This is akin to the limited network exemption in payments law – think of a gift card token valid at a specific partner network. Such tokens aren’t considered public offerings to the general market.
- Already admitted crypto with existing White Paper: If a crypto-asset is already admitted to trading on a trading platform in the EU and a MiCA-compliant White Paper has been drawn up for it, another person can seek admission of the same asset without making a new white paper, provided the original author agrees to reuse it. In essence, a compliant White Paper can be passported for admissions on multiple exchanges, so long as it’s kept updated.
It’s crucial to carefully check if your token distribution falls under an exemption. The threshold exemptions (small offers, limited audience) are quantitative – ensure you don’t exceed the investor count or amount raised if relying on them. The use-case exemptions (free tokens, utility vouchers, limited network) depend on the token’s characteristics – be honest about whether your token truly fits those scenarios. When in doubt, err on the side of preparing a White Paper, because falling afoul of MiCA by misusing an exemption could lead to regulatory action. Note that even if exempt from the White Paper, other parts of MiCA (like market abuse rules or CASP licensing for trading platforms) might still apply.
Why Choose Estonia for Issuing Tokens in the EU?
If you’re an international crypto team looking for a friendly base to launch your MiCA-compliant token, Estonia stands out as an excellent choice. Estonia has been a hub for crypto entrepreneurship and digital innovation in the EU, and it offers several key advantages:
- e-Residency & Easy Company Formation: Estonia’s renowned e-Residency program allows founders worldwide to establish an EU-based company remotely, with a fully online process. You can register an Estonian OÜ (limited liability company) from abroad and manage it digitally with secure IDs. Over 120,000 people have become e-residents to benefit from Estonia’s digital business environment. This means forming the legal entity required for MiCA can be done quickly, without moving physically. Setting up a company is fast and streamlined thanks to Estonia’s advanced e-government services.
- English-Speaking, Tech-Savvy Regulator: Estonia’s Financial Supervision Authority (Finantsinspektsioon, also known as the EFSA) is the national regulator overseeing MiCA compliance. They have experience from Estonia’s earlier crypto licensing regime and are generally accessible to startups. English is commonly used in business and government in Estonia, and the regulator accepts documentation in English (MiCA itself permits English for the white paper). This makes the notification and communication process much easier for international teams compared to some jurisdictions where translation might be required.
- Digital Infrastructure: Estonia is often called a “digital society” – nearly all government services are online, and businesses can be run 100% digitally (banking, tax, reporting, etc.). This high level of digitization greatly reduces bureaucratic friction. For example, board meetings can be held online, documents signed with e-signatures, and annual reports filed electronically. Such infrastructure is ideal for a crypto project that operates globally and values efficiency.
- Favorable Tax Environment: Estonia offers a unique tax system: 0% corporate income tax on undistributed profits. In practice, this means your Estonian entity pays no tax on profits as long as you reinvest them into the business (only distributed dividends are taxed ~20%). This is very attractive for growing startups – you can raise funds and spend them on development without an immediate tax burden. Additionally, there’s no capital gains tax at the company level for crypto holdings until profits are taken out. This tax framework, combined with a network of EU tax treaties, makes Estonia both entrepreneur- and investor-friendly.
- Proactive MiCA Adoption: Estonia was among the first countries to implement MiCA at the national level and align its laws with the regulation. The government passed adjustments (the Estonian Markets in Crypto-Assets Act) early, and existing licensed crypto firms in Estonia benefit from a long grandfathering period to transition to MiCA. This proactive stance means Estonian authorities are well-prepared for MiCA – they have procedures in place for white paper notifications and CASP licensing from day one. For a new project, choosing a jurisdiction that “has it figured out” provides confidence that your compliance process will be smooth and timely.
- Supportive Business Environment: Estonia consistently ranks high in economic freedom, ease of doing business, and low corruption. Being an EU member (and in the Eurozone, NATO, etc.) provides stability and market access. There’s also a growing fintech and crypto industry presence, meaning local expertise (lawyers, consultants) is available to assist with MiCA compliance. All these factors make Estonia an optimal launchpad for EU-focused crypto initiatives.
In short, Estonia offers a blend of regulatory clarity, digital convenience, and financial efficiency that is hard to match. An EU crypto project can set up shop in Estonia, file its MiCA white paper with Finantsinspektsioon, and benefit from 0% tax on reinvested funds – all while operating remotely if needed. It’s a compelling value proposition for teams preparing for MiCA.
Process: From Planning to Publication of a MiCA White Paper
Navigating the MiCA white paper process may seem daunting, but it can be broken down into clear steps. Below is an overview of the typical process to prepare and register your MiCA-compliant white paper, from initial idea to getting the green light for your token launch:
- Scoping and Preparation: Start by evaluating your token and offering against MiCA’s criteria. Determine which category your token falls into (non-stablecoin, presumably) and confirm that no exemptions apply (or that you choose not to rely on them). It’s wise to get legal advice at this stage. Decide on your home EU Member State for the offer – usually where your company is incorporated. If you chose Estonia, for example, your home state is Estonia and Finantsinspektsioon will be your regulator for notification. Begin collecting all information that must go into the white paper: company details, tokenomics, technical docs, business plans, etc. Assign roles (legal, technical writer, etc.) for drafting each section.
- Drafting the White Paper: Using MiCA’s content requirements as a checklist, draft the crypto-asset White Paper. Ensure you include all mandatory sections – from disclaimers and summary to risk factors and technical descriptions (refer to the detailed list in the prior section). Be factual and transparent: disclose all relevant risks and don’t hype potential returns. At the same time, the document should be understandable to a reasonably savvy reader, so avoid unnecessary jargon. Many projects use a template or professional writer to structure this correctly. Double-check that your draft contains the specific MiCA statements/warnings (e.g. the unapproved document disclaimer and loss warning) in the exact prescribed form.
- Review and Legal Sign-off: Have the draft reviewed by legal and compliance experts familiar with MiCA. This review will check for completeness (all required items included), accuracy (no misleading info or omissions), and consistency (information in the white paper matches your other communications). The management of the issuer should also review it, since they must sign a responsibility statement that the content is correct. It’s common to iterate on the draft multiple times. Also, verify the language requirements – if you’re publishing in English (which is generally fine), ensure that’s acceptable to your regulator (most accept English for MiCA filings, especially in Estonia). Prepare any supporting documents the regulator might require (some NCAs have notification forms or portals).
- Notification to the Regulator: When the white paper is finalized and approved internally, notify it to the competent authority (NCA) in your home country before you start the public offering or trading. The notification process will depend on the country – typically it could be an online submission or an email to the regulator with the white paper attached, along with a cover letter and any forms. In Estonia, for example, the Finantsinspektsioon has an established contact for white paper notifications. Remember, under Title II the regulator does not need to approve the document for you to proceed, but you must file it (and possibly wait a short period as instructed). The NCA will check compliance and can prohibit the offer if they spot serious issues, so it’s critical your document is MiCA-compliant when you submit. Usually, if you don’t hear objections within a brief window, you can proceed to publish and offer. The NCA will share the white paper with ESMA for inclusion in the EU-wide register within 5 working days.
- Publication and Offering: Once notified, you must publish the white paper for the public – generally by posting it on your website (and any sale platform you use) accessible to investors at least on the first day of the offering. Many projects create a dedicated page for regulatory disclosures. ESMA’s online register will also publish basic details and a link to the white paper around the time your offering begins. With the white paper published, you can officially start your token sale or enable trading. Ensure that all marketing materials at launch are consistent with the white paper (no extra promises beyond what’s in the document). It’s recommended to keep a copy of the exact published version and evidence of notification for your records.
- Post-launch Compliance: After publication, maintain compliance by monitoring if any updates to the white paper are needed. If you change the token supply, extend the sale, or encounter new risks, you may need to update the white paper and re-notify the regulator (MiCA requires updates for any significant new developments, similar to how a securities prospectus supplement works). Also, continue to follow the conduct rules – for example, if the regulator mandates any changes to your marketing, comply promptly. Keep an eye on ESMA or NCA communications in case they have questions or if any regulatory technical standards (RTS) add new formatting requirements (MiCA empowers regulators to specify standard templates, etc., as the law evolves).
Following these steps with diligence will greatly smooth your path to a compliant token offering. Essentially, plan early, draft carefully, and communicate with the regulator. By the time MiCA is fully in force (end of 2024), you want to be ready to hit “submit” on that notification and confidently launch in the EU knowing you’ve done things by the book.
Eesti Firma – About Us
Who We Are: We are a boutique legal and compliance consultancy specialized in blockchain and cryptocurrency regulation in the EU. Our team consists of experienced crypto lawyers, compliance officers, and fintech advisors who have been at the forefront of crypto regulation since the early days. We have deep expertise in EU financial regulations and a passion for helping innovative projects navigate the complex regulatory landscape.
MiCA Focus: As MiCA ushers in a new era for crypto in Europe, our firm has developed a dedicated MiCA Compliance Practice. We closely track all developments in crypto world and and adapt them into practical solutions for startups. Whether it’s drafting a compliant White Paper under MiCA, obtaining a CASP license, or implementing robust AML/KYC programs, we provide end-to-end support. Our consultants have already assisted numerous projects in preparing for MiCA – from token issuers to exchange platforms – ensuring they meet the MiCA requiremets and beyond.
Why Choose Us: We combine legal rigor with real-world crypto experience. Our staff includes not only regulatory lawyers, but also blockchain technologists who understand the nuances of smart contracts, NFTs, DeFi platforms, and more. This means we can speak your language and translate it into regulator language. Headquartered in Tallinn, Estonia, we leverage the country’s digital-first environment to serve clients worldwide. We pride ourselves on being proactive, approachable, and pragmatic – no unnecessary legalese or roadblocks, we find solutions that work for your business model while keeping regulators satisfied.
Our Mission: We believe compliance is not a hurdle, but a strategic advantage. By getting it right, you unlock access to the entire European market with confidence. Our mission is to guide you through MiCA’s requirements efficiently and effectively, so you can launch and grow your crypto venture in the EU with peace of mind. We are your partners in making crypto both innovative and compliant.
Get in Touch with Us
The advent of MiCA marks a new chapter for crypto in Europe. Preparing a MiCA-compliant White Paper under MiCA is a crucial step for any token project aiming to thrive in the EU market. While the process may seem extensive, with the right guidance it becomes an opportunity to bolster your project’s credibility. By clearly articulating your token’s purpose, technology, and risks, you not only meet legal requirements but also build trust with your community and investors.
Ready to take the next step?
Our team of legal and compliance experts is here to help you navigate MiCA smoothly. We offer personalized support to get your White Paper drafted, reviewed, and notified without hassle. Don’t let regulatory uncertainty hold back your innovation.
Book a free consultation with us today to discuss your project’s needs and timelines. Let’s work together to ensure that your project not only meets all the requirements, but is also ready for long-term success in the European crypto landscape. Contact us to get started on your MiCA journey – we’ll handle the complexities, while you focus on building the future of Web3.
FAQ | Frequently Asked Questions
Got questions about MiCA and EU token issuance? This FAQ gives clear, quick answers on White Paper requirements, exemptions, notification, and marketing rules—so you can launch with confidence.
- Do I need a MiCA‑compliant White Paper to issue a token in the EU?
Yes, if you make a public offer of a crypto‑asset or seek admission to trading in the EU, a MiCA‑compliant White Paper is required for Title II assets; only narrow exemptions apply, so most utility, governance, gaming, gas, and serial NFT tokens must publish, notify, and publicly host a compliant document.
- Which token types fall under MiCA Title II (not ART/EMT)?
Title II covers non‑stablecoin crypto‑assets such as utility tokens, governance tokens, game tokens, gas or protocol tokens, and NFT collections that are issued in series or fractional form, while financial‑instrument security tokens are handled by securities law and ART/EMT stablecoins are subject to separate, stricter MiCA rules.
- Who can be a token issuer under MiCA?
The issuer must be a legal entity rather than an individual, with a clear home Member State and a notified White Paper; many teams incorporate in the EU for efficiency, and Estonia is a common choice due to digital filing and English‑friendly supervision by Finantsinspektsioon.
- Do regulators approve the White Paper before launch?
For Title II tokens the regime is “file‑and‑go”: you notify the national competent authority at least 20 working days before publication, you then publish, and the regulator may intervene if content breaches MiCA; ART and EMT stablecoins require prior authorization rather than simple notification.
- What must a MiCA White Paper include?
It must clearly cover issuer details, project purpose, crypto‑asset characteristics and holder rights, offer terms and tokenomics, underlying technology, material risks with mandated risk warnings and disclaimers, a non‑technical summary, and principal adverse environmental impacts, while avoiding any promises about future value.
- Are there MiCA exemptions where no White Paper is required?
A White Paper is not required for small private offers or qualified‑investor placements under EU thresholds, for free distributions or reward tokens, and for utility tokens used only for already‑operational services or limited networks, but these carve‑outs are narrow and should be assessed carefully before relying on them.
- What are the marketing rules for token offerings under MiCA?
Marketing communications must be fair, clear, and not misleading, must be consistent with the White Paper, and must carry the required MiCA disclaimer that the material has not been reviewed or approved by an authority, with no claims about future returns or guaranteed liquidity.
- Do retail buyers have a right of withdrawal under MiCA?
If a retail holder buys directly from the offeror or via placing, MiCA provides a 14‑day right of withdrawal without fees, but this right does not apply when the crypto‑asset has already been admitted to trading before purchase.
- In what language and format should I publish the White Paper?
MiCA allows a language customary in international finance, so English is acceptable in practice, and the White Paper must be published on the issuer’s website in a machine‑readable format and kept accessible for as long as the crypto‑asset is held by the public.
- Do I also need a CASP license for my project?
Issuing a token with a MiCA White Paper does not by itself require CASP authorization, but operating services such as exchange, custody, execution, advice, or transfer services triggers the separate MiCA Title V regime, so many token projects pair issuance compliance with a CASP licensing analysis.