Use of an Already Published Crypto-Asset White Paper

One of the key requirements under the Markets in Crypto-Assets Regulation (MiCA) is the preparation and publication of a crypto-asset white paper. This document contains specific information providing potential purchasers and authorities with a comprehensive understanding of the respective crypto-asset. The white paper must comply with a variety of specifications in terms of content and form. Otherwise, the crypto-asset may not be offered to the public or the admission of the crypto-asset to trading within the European Union may not be applied for.

However, there are situations in which the person applying for admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is not required to draw up a white paper. One of them is the possibility of a written agreement to pass on the white paper obligations to the operator of the trading platform (see Agreements to Delegate MiCA's White Paper Obligations to Exchange Operators). In addition, pursuant to Article 5 (4) MiCA, the white paper requirements can be avoided if (i) the respective crypto-asset is already admitted to trading on another trading platform for crypto-assets in the European Union and (ii) a MiCA-compliant white paper has already been drawn up and the author consents to its use in writing.

In other words, Article 5 (4) prevents multiple white papers on the same crypto-asset from having to be drawn up. By leveraging existing white papers with the original author's consent, exchanges can list crypto-assets with reduced costs and eliminate their liability exposure if they were to draft the white papers themselves. Furthermore, it promotes efficiency and cooperation within the crypto industry, ultimately contributing to a more accessible and competitive landscape for all participants.

To make use of this option, a written agreement with the person responsible for the drawing up of the white paper is required. We would be pleased to support your company with the preparation of such an agreement.