This post first appeared as Blog post at FIN LAW.
After the legal effect will gradually develop in the European Union from June 30, 2024 Markets in Crypto Assets Regulation (MiCA) A crypto white paper must be created when offering crypto assets to the public and when applying for their admission to trading on a trading platform. The first three parts of this series dealt with the content requirements for a white paper in the event of an offer or approval of crypto assets in general within the meaning of MiCA as well as asset-referenced tokens and e-money tokens.
The fourth part dealt with marketing communications when selling tokens and their content coherence with the MiCA white paper to be published. This fifth part analyzes how and where to publish a MiCA white paper after its creation and how to deal with important information that occurs after the white paper is published. All crypto assets relevant to MiCA for which a white paper needs to be created are discussed.
Read too
MiCA whitepaper must be published on the provider’s website
Providers of cryptoassets other than asset-referenced tokens or e-money tokens and persons applying for the admission of such cryptoassets to trading must publish the MiCA White Paper on their publicly accessible website. In any case, this must take place before the start date of the public offer of the relevant crypto assets or the start date of the approval. The MiCA Whitepaper must remain available on the website of the provider or the person applying for admission to trading for as long as the crypto assets are held by the public. The published white paper for cryptoassets other than asset-referenced tokens or e-money tokens must be consistent with the version submitted to the competent authority and with any amended version if necessary.
An issuer of an asset-referenced token must also have the MiCA white paper and, if applicable, on its website. Publish amended version. The white paper must be made publicly available by the start date of the public offering of the asset-referenced token or the start date of the admission of these tokens to trading. This white paper must remain published for as long as the asset-referenced tokens are held by the public. Before an e-money token is offered to the public in the Union or before the e-money token is applied for admission to trading, the issuer of the e-money token must also publish the white paper on its website.
Obligation to add information and other publication obligations in addition to the MiCA white paper
The result of the public offer in the case of an offer of crypto assets other than asset-referenced tokens or e-money tokens must also be published on the provider’s website. If there is a subscription deadline, the result must be published within 20 working days after the subscription deadline has expired. If the offer is open-ended, the number of shares of crypto assets in circulation must be published on the website on an ongoing basis, at least monthly.
Issuers of asset-referenced tokens must publish on their website, in addition to the relevant MiCA white paper, in a publicly and easily accessible place, a short, clear, concise and transparent summary of the audit report and the complete and unedited audit report in relation to the asset reserve as soon as possible. For the duration of the public offer or for the duration of the admission of the crypto asset to trading, providers of crypto assets other than asset-referenced tokens or e-money tokens, persons applying for the admission of such crypto assets to trading, or operators of a trading platform for crypto assets must comply with the MiCA Keep white papers up to date.
This means that the White Paper must be amended whenever a material new factor, a material error or a material inaccuracy has emerged that may affect the valuation of the crypto assets. The same applies to a white paper on e-money tokens. What exactly is a circumstance that influences the value of the token is not specified in MiCA and is therefore likely to be a matter of case by case. Issuers of asset-referenced tokens must inform the competent authority of any intended change to their business model, which occurs after the grant of authorization or after the approval of the MiCA white paper and which is likely to significantly influence the purchase decision of a holder or a potential holder of asset-referenced tokens. In this case, the white paper must be updated accordingly.
This might also interest you