MiCA White Paper Obligations for CASPs

If you are a crypto-asset service provider and want to understand your MiCA white paper obligations, this text is for you!

Crypto Risk Metrics

15.01.2026

What MiCA requires from CASPs: white paper obligations, ESMA Q&A 2654, Article 143 exemptions, and iXBRL compliance

Purpose and background of this article

With the Markets in Crypto-Assets Regulation (“MiCA”)¹, the European Union has introduced comprehensive MiCA white paper obligations for crypto-asset service providers (“CASPs”). This article explores those requirements with a particular focus on crypto-assets other than asset-referenced tokens and e-money tokens. We examine in detail which CASPs are required to draw up, submit, and maintain MiCA-compliant white papers.

By the end of the article, readers will have gained a thorough understanding of the current legal framework and ongoing regulatory debate, including our assessment of potential unintended consequences of the Level 1 text, common misinterpretations, and likely developments ahead.

Disclaimer: This article is intended for informational purposes only. It does not provide legal advice under German law and should not be construed as a substitute for individualized legal counsel.

MiCA white papers – background and purpose

MiCA-compliant white papers are intended to serve as standardised informational documents – comparable to a prospectus under traditional financial market regulation – ensuring investor protection by disclosing transparent, accurate, and comprehensive information to the public, prospective investors, and users.

Unlike securities prospectuses, crypto-asset white papers under MiCA do not require prior approval by the European Securities and Markets Authority (“ESMA”) or national competent authorities (“NCAs”), as per Article 8 of MiCA (“Notification of the crypto-asset white paper and of the marketing communications”).

The regulatory framework for crypto-asset white papers is primarily defined by Article 6 of MiCA (“Content and form of the crypto-asset white paper”), which sets out their content, structure, and format. These requirements are further specified in Commission Implementing Regulation (EU) 2025/2984², which details the layout, information requirements, and technical standards for the documents.

Additional delegated regulations govern specific sections within the white paper, such as Delegated Regulation (EU) 2025/421³ (classification and data structures) and Delegated Regulation (EU) 2025/422⁴ (sustainability disclosures). Further, Article 12 of MiCA (“Modification of published crypto-asset white papers and of published marketing communications”) establishes an ongoing obligation to ensure that published white papers remain accurate, up-to-date, and complete. This is reinforced by Article 15 (“Liability for the information given in a crypto-asset white paper”), which introduces a liability regime for any misleading, inaccurate, or omitted information.

Together, these provisions form the legal foundation of MiCA’s white paper regime, ensuring transparency, accountability, and investor protection across the crypto-asset market. As of today, these documents represent the only regulated and standardised source of comprehensive information on specific crypto-assets.

Scope of application and relevant MiCA articles for CASPs regarding MiCA-compliant white papers

Within the MiCA framework, several provisions govern white papers, albeit in different legal contexts and with varying implications. While certain articles establish fundamental obligations concerning the preparation, publication, and maintenance of white papers, others merely set out ancillary duties related to accessibility, hyperlink provision, or transitional arrangements.

Distinction of affected groups

Who is actually subject to MiCA’s white paper obligations?

MiCA affects two main categories of actors in the crypto-asset market in relation to white paper requirements: offerors of crypto-assets and trading platform operators.

Offerors of crypto-assets:

These include entities that enable the trading or public offering of crypto-assets without being licensed as trading platform operators.
Trading platform operators:

These are entities licensed under MiCA as crypto-asset service providers (CASPs) offering the service “b) operation of a trading platform for crypto-assets” (Article 3(16) of MiCA).

Whether an entity qualifies as an offeror or a trading platform can be determined via the ESMA Interim MiCA Register (see Column L, “Service Code”): https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv.

Common services offered by offerors of crypto-assets include, but are not limited to:

“(c) exchange of crypto-assets for funds” or
“(d) exchange of crypto-assets for other crypto-assets”

Overview of MiCA white paper obligations for CASPs

The following overview summarises the key MiCA articles that are most relevant for the interpretation and practical application of white paper compliance obligations.

Article	Essential content
4	Defines that for any offer to the public of crypto-assets, a MiCA white paper must be prepared and published, in accordance with the requirements of Articles 6, 8, and 9.
5	Defines that for admission to trading of crypto-assets, a MiCA white paper must be prepared and published, in accordance with the requirements of Articles 6, 8, and 9.
6	Specifies the content, structure, and presentation formats of the white paper, ensuring consistency and transparency in the information provided to the public.
8	Sets out the procedure for submission, notification, and publication of the white paper, including prior notification to the competent authority.
12	Imposes an obligation to update the white paper whenever a significant new factor, material mistake, or inaccuracy arises in relation to the information it contains.
15	Establishes liability provisions for the entity responsible for the notification of the white paper under certain conditions.
66(3)	Requires CASPs to provide hyperlinks to any crypto-asset white papers for the crypto-assets in relation to which they are providing those services.
143	Lays down transitional arrangements, temporary exemptions, and limitations regarding existing white paper obligations.

Connection between obligations

While all of the aforementioned provisions relate to white papers, some are more intrinsically connected than others in how they define the legal obligations applicable to CASPs. Understanding these interrelations is key to a sound legal interpretation of MiCA’s white paper regime.

In the following section, we explain why certain presupposed interdependencies have no factual basis in the MiCA provisions themselves.

Interrelation of Articles 4, 5, and 143 of MiCA

Articles 4 and 5, in conjunction with Article 143, establish the core white paper obligations under MiCA:

Article 4 governs offers to the public of crypto-assets
Article 5 applies to admissions to trading on a trading platform

Both provisions trigger the obligation to prepare, submit, and publish a MiCA-compliant white paper prior to engaging in these activities. Accordingly, the accompanying obligations under Articles 12 (updates and ongoing accuracy) and 15 (liability) apply equally. Together, these articles define what may be referred to as MiCA’s “comprehensive white paper requirements”.

These requirements for both categories of actors – offerors and operators of trading platform – are structurally aligned and substantively identical.

A notable differentiation, however, arises from Article 143(2), which introduces transitional arrangements and temporary exemptions applicable to admissions made before MiCA’s full implementation date on 30 December 2024.

This provision modifies the timing and scope of the white paper obligation for specific market participants, without altering its underlying substantive requirements.

Article 143(2) of MiCA states:

“2. By way of derogation from Title II, only the following requirements shall apply in relation to crypto-assets other than asset-referenced tokens and e-money tokens that were admitted to trading before 30 December 2024:

(a) Articles 7 and 9 shall apply to marketing communications published after 30 December 2024

(b) operators of trading platforms shall ensure by 31 December 2027 that a crypto-asset white paper, in the cases

required by this Regulation, is drawn up, notified and published in accordance with Articles 6, 8 and 9 and updated in accordance with Article 12.”

From Article 143 of MiCA, a deviation from the general obligations set out in Title II Assets – namely, those governed by Articles 4 through 15 – can be derived.

Specifically, Article 143 introduces a limitation: for crypto-assets admitted to trading before 30 December 2024, certain temporary exemptions apply.

Under these exemptions, entities are only required to ensure that their marketing communications comply with MiCA Articles 7 and 9.

However, Article 143(2) does not extend to crypto-assets that are:

offered to the public without being admitted to trading – for instance, where assets are made available through offeror-type activities rather than as part of a “seeking admission to trading” process; or
admitted to trading after 30 December 2024.

Such cases fall outside the explicit scope of Article 143(2) and remain subject to the standard white paper obligations under Article 4.

Furthermore, Article 143(2)(b) makes clear that this transitional clause exclusively applies to trading platform operators. Therefore, there is no general exemption from Article 4 or Article 5, in particular not from Article 4 concerning public offers. The only reference to exemptions for offerers appears in Article 143(1), which states that offers that ended before 30 December 2024 are exempt, meaning they do not trigger a MiCA white paper obligation – but not the ones that are ongoing afterwards.

Separate requirements from Article 66(3)

Article 66(3) introduces an additional obligation concerning the handling of MiCA white papers. However, this provision does not stand in direct relation to the previously discussed Articles 4, 5, or 143. Specifically, Article 66(3) requires that all crypto-asset service providers (CASPs), not just offerors or trading platforms, shall include hyperlinks to any existing and publicly available white papers related to the crypto-asset in question as part of their mandatory disclosures. This obligation aims to enhance transparency and ensure that investors and users across the Union have easy access to relevant information.

Article 66(3) of MiCA states:

“When operating a trading platform for crypto-assets, exchanging crypto-assets for funds or other crypto-assets, providing advice on crypto-assets or providing portfolio management on crypto-assets, crypto-asset service providers shall provide their clients with hyperlinks to any crypto-asset white papers for the crypto-assets in relation to which they are providing those services.”

Importantly, Article 66(3) does not limit, modify, or supersede any of the white paper obligations under Articles 4, 5, 6, 12, or 15.

These provisions remain fully applicable and must be complied with in their own right. Providing hyperlinks under Article 66(3) cannot be construed as fulfilling – or substituting – the obligation to prepare, notify, or update a MiCA-compliant white paper.

Core legal question regarding MiCA white paper obligations for CASPs

Which entities are obliged to prepare and maintain white papers under MiCA, for which crypto-assets, and at what point in time must such obligations be fulfilled?

This question has gained renewed relevance in light of ESMA Q&A 2654⁵ and ESMA’s “Statement to support the smooth implementation of MiCA standards and format”⁶. The Q&A initially led to diverging interpretations across the market. These uncertainties were subsequently addressed and clarified in the accompanying statement.

Unpacking ESMA QA 2654

On 14 October 2025, ESMA published its response to Question 2652 from 25 September 2025, regarding the implementation of MiCA with respect to white paper obligations for Title II crypto-assets admitted to trading before 30 December 2024.

Subject Matter	Offerors and CASPs’ responsibilities with regards to white papers for Title II tokens admitted to trading prior to 30 December 2024
Question	What are the respective responsibilities of offerors, persons seeking admission to trading, operators of trading platforms and other CASPs mentioned in Article 66(3) of MiCA with regard to white papers for crypto-assets other than ARTs and EMTs that were admitted to trading prior to 30 December 2024?
Answer	Article 143(2) of MiCA provides that “by way of derogation from Title II, only the following requirements shall apply in relation to crypto-assets other than asset-referenced tokens and e-money tokens that were admitted to trading before 30 December 2024: a. Articles 7 and 9 shall apply to marketing communications published after 30 December 2024; b. Operators of trading platforms shall ensure by 31 December 2027 that a crypto-asset white paper, in the cases required by this Regulation, is drawn up, notified and published in accordance with Articles 6, 8 and 9 and updated in accordance with Article 12” For Title II crypto-assets admitted to trading prior to 30 December 2024, offerors and persons seeking admission to trading must therefore only comply with marketing rules. There is no white paper requirement. Operators of trading platforms must, by 31 December 2027, ensure there is a white paper. In line with Article 66(3) of MiCA, they must also publish hyperlinks to any existing (registered) white papers. Finally, the other CASPs referenced in Article 66(3) must only publish hyperlinks to any existing (registered) white papers. Where there are no such white papers, they do not have the responsibility to ensure they are produced. If the crypto-asset is not available on a trading platform, there might not be a white paper for it even after 31 December 2027.

Debate prior QA 2654

Prior to the publication of the ESMA QA 2654, the question outlined above could be answered clearly and directly based on the MiCA provisions. Under Article 4, offerors of crypto-assets were required to prepare and publish a MiCA-compliant white paper before making an offer to the public.

For trading platforms, Article 5 established an equivalent obligation to prepare and publish a white paper prior to admitting a crypto-asset to trading.

However, Article 143 introduced a transitional period for Article 5 – providing temporary exemptions applicable exclusively to trading platform operators for crypto-assets admitted before 30 December 2024.

In addition, Article 66(3) requires all CASPs, as part of their public disclosures, to provide hyperlinks to any existing and publicly available white papers for the crypto-assets in relation to which they are providing those services.

Assets	Offeror	Trading Platforms
At the current time (2025)
Listed before 30 December 2024	– Obligation under Article 4 – No exemption based on Article 143 – Article 66(3) applies	– Obligation under Article 5 – Exemption based on Article 143 – Article 66(3) applies
Listed after 30 December 2024	– Obligation under Article 4 – No exemption based on Article 143 – Article 66(3) applies	– Obligation under Article 5 – No exemption based on Article 143 – Article 66(3) applies
After 31 December 2027
All assets	– Obligation under Article 4 – No exemption based on Article 143 – Article 66(3) applies	– Obligation under Article 5 – No exemption based on Article 143 – Article 66(3) applies

Debate after QA 2654

Following the release of Q&A 2654, misinterpretations began circulating in the market – in particular, some market participants took the view that offerors were generally exempt from the obligation to prepare and publish a white paper under Article 4 of MiCA. However, a closer reading of ESMA’s response to Question 2654 reveals no basis for such a conclusion.

The answer merely contains a cross-reference to Article 143(2) – a provision which, as outlined above, applies exclusively to operators of trading platforms and does not extend any exemptions to offerors.

Accordingly, no plausible reading of Article 143(2) supports the claim that offerors are excluded from the white paper obligation set out in Article 4 MiCA.

“Statement to support the smooth implementation of MiCA data standards and format requirements” brings final clarity

Definitive clarification regarding the scope of MiCA white paper obligations for crypto-asset service providers was provided by ESMA’s “Statement to support the smooth implementation of MiCA data standards and format requirements”. In this statement, ESMA reiterated the types of entities required to publish white papers under MiCA and the associated technical requirements:

Obligation	White papers
Entities concerned	To be published by: Issuers Offerors Persons seeking admission to trading Crypto-asset service providers operating trading platforms
Entry into force	23 December 2024
Application date	23 December 2025
Technical specifications	XBRL taxonomy available as of 5 August 2025 A showcase to generate an iXBRL white paper available here as of 8 October 2025

ESMA further emphasised:

“The above-mentioned requirements are essential to ensure transparency, facilitate market surveillance and allow for the comparability of information across crypto-asset market participants.”
ESMA, Statement to support the smooth implementation of MiCA data standards and format requirements, Page 3

The “above-mentioned requirements” refer to the Level 2 rules introduced by Commission Implementing Regulation (EU) 2024/2984 of 29 November 2024. This regulation sets out the mandatory technical standards regarding the format, templates and filing standards for MiCA white papers. In particular, it mandates that white papers must be submitted in accordance with XBRL/XHTML-standards.

It is explicitly stated that:

“The ITS concerning the form, format and templates to be used for the Crypto-Asset white papers will apply as of 23rd December 2025.”

Do white papers submitted before 23 December 2025 need to be updated?

We argue that they do in order to adhere to the standard – for two reasons:

Wording: The phrase “as of” indicates that the obligation applies to all white papers effective from that date, not just to white papers submitted after 23 December 2025. If the intention were to limit the requirement to newly submitted white papers, the regulation would likely have used “from” or “starting on”.
Purpose: Allowing white papers submitted prior to the application date to remain non-standardised would undermine the core regulatory aims of MiCA. As ESMA highlighted, the XBRL-based standard is designed to ensure comparability, transparency, and effective market supervision. Exempting early filings would fragment the data landscape and create regulatory blind spots.

The smooth way out: How to offer crypto-assets without being deemed an offeror

As the white paper requirements impose a regulatory burden on companies, it is understandable that market participants seek ways to avoid falling within their scope. One such strategy is to argue that a given activity does not constitute an “offer” of crypto-assets. This line of argument has already been used in the context of stablecoins, notably in relation to the “Tether” issue.

In its Public Statement “On the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs”⁷, ESMA clarifies that

“other crypto-asset services may also constitute an offer to the public of non-MiCA compliant ARTs and EMTs in violation of Titles III or IV of MiCA. In particular, CASPs offering in the EU services such as:

Reception and transmission of orders
Execution of orders for crypto-assets on behalf of clients
Exchange of crypto-assets for funds or other crypto-assets

are also expected to cease providing the relevant crypto-asset services and activities in relation to these non-compliant ARTs or EMTs in the EU when their services constitute an offer to the public.”

This implies that companies engaging in the reception and transmission of orders, execution of client orders, or exchange of crypto-assets for funds or other crypto-assets may, under certain circumstances, be deemed offerors – thereby triggering white paper obligations under MiCA.

Additional support for this interpretation can be found in the Level 1 definition of an “offer to the public” in Article 3(12) MiCA, which states:

“‘offer to the public’ means a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets;”.

As Peter Zickgraf explains in the “Rechtshandbuch Kryptowerte”, the term “offer” must be interpreted broadly. He refers to established case law supporting this view, including EuGH 17.9.2014 – C-441/12 Rn. 28 – Almer Beheer u. Daedalus Holding („[weite) Definition”)⁸; as well as EFTA-Gerichtshof 18.6.2021 – E-10/20 Rn. 29,32 – AD-CADA Immobilien; Bauerschmidt BKR 2019, 324 (325)⁹.