White Papers
Our database helps crypto-asset service providers find white papers published under MiCA, in order to meet their regulatory obligations.
Please read the sections Info and FAQ at the bottom of this page before using the data.
If you are an issuer or offeror of crypto-assets, electronic money tokens or asset-referenced tokens, please click here.
Info
According to Articles 4 and 5 of MiCA, crypto-asset service providers shall not offer a crypto-asset or seek its admission to trading within the European Union, unless they have drawn up a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6 and are keeping it up to date in accordance with Article 12. As clarified in ESMA’s public statement “On the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs“, dated 19 January 2025, the notion of an “offer“ must be interpreted broadly and includes, inter alia, brokers and proprietary traders.
This creates challenges for crypto-asset service providers in cases where no MiCA-compliant white paper is available, as they will not be permitted to list such assets from 30 December 2024 onwards. As it would neither be practical nor legally prudent for every crypto-asset service provider to produce their own white papers (and assume the associated liability for outdated or inaccurate content), Crypto Risk Metrics steps in as a dedicated provider of MiCA-compliant white papers.
If you are interested in requesting our services, please inquire here.
FAQ
Do you have a question that is not answered here? Please reach out – we’ll be happy to assist.
According to the ESMA Statement (ESMA75-223375936-6099), the obligation to publish white papers applies to companies providing the following services:
- reception and transmission of crypto-asset orders;
- execution of crypto-asset orders on behalf of clients; and
- exchange of crypto-assets for funds or other crypto-assets.
If your company performs any of these activities – even if it is not a trading platform – the white paper obligation applies.
By referring to Article 143 exclusively in relation to trading platforms, all other crypto-asset services are not covered by this provision and therefore cannot benefit from the transitional period. As a result, a white paper is required immediately for any crypto-asset.
In our view, this limitation likely results from the narrow wording of Article 143 and may not have been intended. Nevertheless, it reflects the current legal interpretation.