Delegated regulation (level 2)

Commission Delegated Regulation (EU) 2024/2984 supplementing MiCA with regulatory technical standards

Authority: European UnionFirst published: 2024-11-27View the official source

AI summary

Level-2 standards convert MiCA's principles into operational duties.

Further RTS and guidelines continue to be adopted over time.

Who this applies to: MiCA licence holders and applicants, compliance and operations teams, and legal advisers

Implementation status: Delegated regulation (level 2)

Conflicts and complaints processes must be detailed as the RTS require.
Disclosure content and format are constrained by level-2 rules.
Track the continuing flow of further RTS and guidelines.

TEMPLATES FOR THE CRYPTO-ASSET WHITE PAPERS

Table 1

Legend for Tables 2, 3 and 4

SYMBOL

DATA TYPE

DEFINITION

{ALPHANUM-n}

Up to n alphanumerical characters

Free text field.

{CFI_CODE}

6 characters

ISO 10962 CFI code

{COUNTRYCODE_2}

2 alphanumerical characters

2 letter country code, as defined by ISO 3166-1 alpha-2 country code

3 alphanumerical characters

3 letter currency code, as defined by ISO 4217 currency codes

{DATE_TIME_FORMAT}

ISO 8601 date and time format

Date and time in the following format:

YYYY-MM-DDThh: mm:ss.ddddddZ.

‘YYYY’ is the year;kos

‘MM’ is the month;

‘DD’ is the day;

‘T’ – means that the letter ‘T’ shall be used

‘hh’ is the hour;

‘mm’ is the minute;

‘ss.dddddd’ is the second and its fraction of a second;

Z is UTC time.

Dates and times shall be reported in UTC.

{DATEFORMAT}

ISO 8601 date format

Dates shall be formatted in the following way: YYYY-MM-DD.

{DECIMAL-n/m}

Decimal number of up to n digits in total of which up to m digits can be fraction digits

Numerical field for both positive and negative values.

decimal separator is ‘.’ (full stop);

negative numbers are prefixed with ‘-’ (minus); Values are rounded and not truncated.

{DTI}

9 alphanumerical characters

Digital token identifier as defined in ISO 24165 standard

3 characters

Represents a duration of time expressed as number of days.

{INTEGER-n}

Integer number of up to n digits in total

Numerical field for integer values.

{ISIN}

12 alphanumerical characters

ISIN code, as defined in ISO 6166 standard

20 alphanumerical characters

Legal entity identifier as defined in ISO 17442 standard

4 alphanumerical characters

Market identifier as defined in ISO 10383

Table 2

Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens

FORM AND STANDARDS TO BE USED FOR REPORTING

Alphanumerical text

Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114

Regarding offerors:

‘This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.’

Regarding the persons seeking admission to trading:

‘This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.’

Regarding the operators of trading platforms:

‘This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The operator of the trading platform of the crypto-asset is solely responsible for the content of this crypto-asset white paper.’

Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114

‘This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.’

Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114

‘The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.’

Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114

‘The utility token referred to in this white paper may not be exchangeable against the good or service promised in this white paper, especially in the case of a failure or discontinuation of the crypto-asset project.’

‘false’ – Not applicable

If Yes, Predefined alphanumerical text

Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114

The prospective holder should base any decision to purchase this crypto –asset on the content of the crypto-asset white paper as a whole and not on the summary alone.

The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law.

This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.’

A brief, clear and non-technical description of the characteristics of the crypto asset including information about rights and obligations of the purchaser, procedure and conditions for the exercise of those rights and conditions, if any, under which these rights and obligations may be modified.

Only applicable if field 05 is true. Information about the quality and quantity of goods or services to which the utility tokens give access and restrictions on the transferability.

Key information about the offer to the public or admission to trading

A brief and non-technical description of the offer to the public including information about the amount of the offer, including, where applicable, any minimum and maximum target subscription goals, issue price of the crypto-asset and subscription fees, the total number of crypto-assets to be offered;prospective holders;

description, where applicable, of the various phases of the offer to the public of crypto-assets, including information on discounted purchase price for early purchasers of crypto-assets and subscription period.

When applicable, the name of the crypto-asset service provider in charge of the placing of crypto-assets and the form of such placement (with or without a firm commitment basis);

When applicable, a brief and non-technical description of the admission to trading, including the name of the trading platform for which the admission is sought.

Part A - Information about the offeror or the person seeking admission to trading

Only applicable if a (LEI) is not provided in field A.6

Only applicable if a legal entity identifier is not provided in field A.6

Only applicable if an LEI is not provided in field A.6

Address and country of the Head office, where different than registered address

Legal entity identifier of the offeror or person seeking admission to trading, when available

Field to be filled in only if a legal entity identifier is not provided in field A.6.

National identifier based on the nationality of the offeror or the person seeking admission to trading, if required under the applicable national law.

Contact telephone number

Contact telephone number of the offeror or the person seeking admission to trading

E-mail address

E-mail address of the offeror or the person seeking admission to trading

Response time (Days)

Period of days within which an investor will receive an answer via that telephone number or e-mail address

Field to be filled in only if a legal entity identifier is not provided in field A.6

Identity, business address and functions of each person that is member of the management body, as defined in Article 3(1), point (27), of Regulation (EU) 2023/1114, of the offeror or the person seeking admission to trading

Business or professional activity of the offeror or person seeking admission to trading

Where applicable, business or professional activity of the parent company, including principal activities and principal markets

Indication as to whether the offeror or person seeking admission to trading has been established for the past three years

Where the offeror or person seeking admission to trading has been established for the past three years, the financial condition of the offeror or person seeking admission to trading over the past three years.

This shall be assessed based on a fair review of the development and performance of the business of the offeror or person seeking admission to trading and of its position for each year and interim period for which historical financial information is required, including the causes of material changes.

The review shall be a balanced and comprehensive analysis of the development and performance of the business of the offeror or person seeking admission to trading and of its position, consistent with the size and complexity of the business.

Where the offeror or person seeking admission to trading has not been established for the past three years, description of its financial condition since the date of its registration.

This shall be assessed based on a fair review of the development and performance of the business of the offeror or person seeking admission to trading and of its position for each year and interim period for which historical financial information is available, including the causes of material changes.

Part B - Information about the issuer, if different from the offeror or person seeking admission to trading

Issuer different from offeror or person seeking admission to trading

Indication as to whether the issuer is different from the offeror or person seeking admission to trading

Address of the Head office, where different than registered address

Legal entity identifier of the issuer, where available

Field to be filled in only if a legal entity identifier is not provided in field B.7.

National identifier based on the nationality of the issuer, if required under the applicable national law

This field only applies to entities for which a national identifier is required under applicable national law

Identity, business address and functions of each of the persons that are members of the management body, as defined in Article 3(1), point (27), of Regulation (EU) 2023/1114, of the issuer

Business or professional activity of the issuer

Where applicable, business or professional activity of the parent company

Part C- Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Address of registration

Address of the Head office, where different than registered address

Legal entity identifier of the operator of the trading platform

C.7

This field only applies to entities for which a national identifier is required under applicable national law.

C.8

C.9

Reason for crypto-Asset white paper Preparation

The reason why the operator of the trading platform drew up the crypto-asset white paper

C.10

Members of the Management body

Identity (name or other identifiers), business address and functions of each of the persons that are members of the management body, as defined in Article 3(1), point (27), of Regulation (EU) 2023/1114, of the operator of the trading platform

C.11

Operator business activity

Business or professional activity of the operator, including principal activities and principal markets

C.12

Where applicable, business or professional activity of the parent company, including principal activities and principal markets

C.13

Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Where different from the offeror, person seeking admission to trading, issuer, or operator of the trading platform, indication of the identity of the person drawing up the crypto-asset white paper

C.14

Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Where the white paper is drawn up by a person different from the offeror, person seeking admission to trading, issuer, or operator of the trading platform, reason for drawing up the white paper

Part D- Information about the crypto-asset project

Crypto-asset project name

Name of the crypto-asset project, if different from the name of the offeror or person seeking admission to trading

Crypto-assets name

Field to be filled in only if a Digital Token Identifier (DTI) is not provided in field F.13.

Name of the crypto-assets, if different from the name of the offeror or person seeking admission to trading

Abbreviation

Abbreviation or ticker handler

Crypto-asset project description

A brief description of the crypto-asset project

Details of all natural or legal persons involved in the implementation of the crypto-asset project

Details of advisors, development team, crypto-assets service providers and other persons involved in the implementation of the crypto-asset project, including business addresses or domicile of the company

Utility Token Classification

Indication as to whether the crypto-asset project concerns utility tokens

Key Features of Goods/Services for Utility Token Projects

Where applicable, key features of the goods or services to be developed for utility tokens crypto-asset projects

Plans for the token

Information about the crypto-asset project, including the description of the past and future milestones

Resource allocation

Where applicable, information about resources, including financial resources, already allocated to the project

Planned use of Collected funds or crypto-Assets

Where applicable, planned use of any funds or other crypto-assets collected

Part E - Information about the offer to the public of crypto-assets or their admission to trading

Public offering or admission to trading

Indication as to whether the crypto-asset white paper concerns an offer to the public of crypto-assets or their admission to trading

‘OTPC’ - offer to the public

‘ATTR’ - admission to trading

Reasons for public offer or admission to trading

The reasons for the offer to the public or for seeking admission to trading, including the planned use of the funds or other crypto assets collected

Fundraising target

Where applicable, the amount that the offer to the public intends to raise in funds or in any other crypto-asset in an official currency or any other crypto-assets

Minimum subscription goals

Where applicable, minimum subscription goals set for the offer to the public of the crypto-assets in an official currency or any other crypto-assets

Maximum subscription goals

Where applicable, any maximum target subscription goals set for the offer to the public of the crypto-assets in an official currency or any other crypto-assets

Oversubscription acceptance

Indication whether oversubscriptions are accepted

Oversubscription allocation

Where oversubscriptions are accepted, a description of how they are allocated

Issue price

The issue price of the crypto-asset being offered to the public in an official currency or any other crypto-assets

Amount in monetary value{DECIMAL-18/3}

Official currency or any other crypto-assets determining the issue price

The official currency or any other crypto-assets on the basis of which the issue price of the crypto asset is being offered to the public

{DTI}

E.10

Subscription fee

Any applicable subscription fee in an official currency or any other crypto-assets

E.11

Offer price determination method

Method in accordance with which the offer price will be determined

E.12

Total number of offered/traded crypto-assets

Where applicable, the total number of crypto-assets to be offered to the public or admitted to trading

E.13

Targeted holders

Indication of the prospective holders targeted by the offer to the public of the crypto-asset or admission of such crypto-asset to trading

‘RETL’ – retail investors

‘PROF’ – professional investors

‘ALL’ – all types of investors

E.14

Holder restrictions

Indication of any restriction as regards the type of holders for such crypto-asset

E.15

Reimbursement notice

‘Purchasers participating in the offer to the public of crypto-asset will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, if they exercise the right to withdrawal provided for in Article 13 of Regulation (EU) 2023/1114 of the European Parliament and of the Council or if the offer is cancelled’

E.16

Refund mechanism

Detailed description of the refund mechanism

E.17

Refund timeline

Expected timeline of when the refunds will be completed

E.18

Offer phases

Information about the various phases of the offer to the public of the crypto-asset

E.19

Early purchase discount

Information on discounted purchase price for early purchasers of the crypto-asset - (pre-public sales) and in the case of discounted purchase price for some purchasers, an explanation as to why the purchase prices may be different and a description of the impact on the other investors

E.20

Time-limited offer

Indication whether the offer is time-limited

E.21

Subscription period

beginning

For time-limited offers, the beginning of the subscription period during which the offer to the public is open

E.22

Subscription period end

For time-limited offers, the end of the subscription period during which the offer to the public is open

E.23

Safeguarding arrangements for offered funds/crypto-Assets

The arrangements to safeguard funds or other crypto-assets as referred to in Article 10 of Regulation (EU) 2023/1114 during the time-limited offer to the public or during the withdrawal period

E.24

Payment methods for crypto-asset purchase

Methods of payment to purchase the crypto-assets

E.25

Value transfer methods for reimbursement

Methods of transfer of the value to the purchasers when they are entitled to be reimbursed

E.26

Right of withdrawal

In the case of offers to the public , information on the right of withdrawal as referred to in Article 13 of Regulation (EU) 2023/1114

E.27

Transfer of purchased crypto-assets

Manner of transferring purchased crypto-assets to the holders

E.28

Transfer time schedule

Time schedule of transferring purchased crypto-assets to the holders

E.29

Purchaser's technical requirements

Information about technical requirements that the purchaser is required to fulfil to hold the crypto-assets

E.30

Crypto-asset service provider (CASP) name

Where applicable, the name of the crypto-asset service provider (CASP) in charge of the placing of crypto-assets

E.31

CASP identifier

The legal entity identifier of the crypto-asset service provider in charge of the placing of crypto-assets

E.32

Placement form

Where applicable, the form of the placement

‘WITH- with a firm commitment basis

‘WOUT’ - without a firm commitment basis

E.33

E.34

Trading platforms

Market identifier code (MIC)

Segment MIC for the trading platform where the admission to trading of the crypto-assets is sought.

E.35

Trading platforms access

Where applicable, information about how investors can access the trading platforms

E.36

Involved costs

Where applicable, information about the costs involved in relation to the access of investors to the trading platforms

E.37

Offer expenses

Expenses related to the offer to the public of crypto-assets, in an official currency or any other crypto-assets. If more than one type of offer expense, expenses should be presented in a tabular format

Free alphanumerical text and Amount in monetary value {DECIMAL-18/3}

E.38

Conflicts of interest

Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading

E.39

The law applicable to the offer to the public of the crypto-asset

E.40

Part F - Information about the crypto-assets

Crypto-asset type

The type of crypto-asset that will be offered to the public or for which admission to trading is sought

Crypto-asset functionality

A description of the functionality of the crypto-assets being offered or admitted to trading

Planned application of functionalities

Information about when the functionalities of the crypto-assets being offered or admitted to trading are planned to apply

A description of the characteristics of the crypto-asset, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article

Type of crypto-asset white paper

The type of white paper notified

OTHR

F.5

F.6

A description of the characteristics of the crypto-asset

F.7

Commercial name or trading name

Commercial name or trading name of the issuer.

F.8

F.9

Starting date or, if not available at the time of the notification by the competent authority, the intended starting date of offer to the public or admission to trading.

F.10

Effective or intended publication date of the crypto-asset white paper or of the modified white paper

F.11

Any other services provided by the issuer not covered by Regulation (EU) 2023/1114, with a reference to the applicable Union or national legal acts regulating those services

F.12

Language or languages of the crypto-asset white paper

F.13

Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available

Code used to uniquely identify the crypto-asset or each of the several crypto assets to which the crypto-asset white paper relates, where available

F.14

Code used to uniquely identify the functionally fungible group to which the digital asset belongs (i.e., common to each of the several assets to which the white paper relates, i.e. Code used to identify the white paper ISO 24165 DTI of type = 3 (i.e., functionally fungible group), where available

F.15

Voluntary data flag

Flag indicating the mandatory or voluntary nature of the crypto-asset white paper provided for in Article 4(8) of Regulation (EU) 2023/1114

‘true’ – voluntary

‘false’ – mandatory

F.16

F.17

F.18

Home Member State as defined in Article 3(1), point (33), of Regulation (EU) 2023/1114

F.19

Part G - Information on the rights and obligations attached to the crypto-assets

Purchaser rights and obligations

A description of the rights and obligations, if any, of the purchaser

G.2

Exercise of rights and obligations

Procedure and conditions for the exercise of rights

G.3

Conditions for modifications of rights and obligations

Description of the conditions under which the rights and obligations may be modified

G.4

Future public offers

Where applicable, information on the future offers to the public of crypto-assets by the issuer

G.5

Issuer retained crypto-assets

Where applicable, information on the number of crypto-assets retained by the issuer itself

G.6

Utility token classification

Indication as to whether the offer to the public of crypto-assets or their admission to trading concerns utility tokens

G.7

Key features of goods/services of utility tokens

Information about the quality and quantity of goods or services to which the utility tokens give access

G.8

Utility tokens redemption

Only applicable if field G.6 is true.

Information on how utility tokens can be redeemed for goods or services to which they relate

G.9

Non-trading request

Indication whether an admission to trading is sought

‘true’ – sought

‘false’ – not sought

G.10

Crypto-assets purchase or sale modalities

Where an admission to trading is not sought, information on how and where the crypto-assets can be purchased or sold after the offer to the public

G.11

Crypto-assets transfer restrictions

Restrictions on the transferability of the crypto-assets that are being offered or admitted to trading

G.12

Supply adjustment protocols

Indication as to whether the crypto-asset has protocols for the increase or decrease of its supply in response to changes in demand

G.13

Supply adjustment mechanisms

Where the crypto-asset has protocols for the increase or decrease of its supply in response to changes in demand, a description of the functioning of such protocols

G.14

Token value protection schemes

Indication as to whether the crypto-asset has a protection scheme protecting the value of the crypto-asset

G.15

Where the field G.14 is true, a description of the protection schemes protecting the value of the crypto-assets

G.16

Indication as to whether the crypto-asset has a compensation scheme

G.17

description

Where the field G.16 is true, a description of the compensation schemes

G.18

The law applicable to the crypto-assets

G.19

Part H – information on the underlying technology

H.1

Distributed ledger technology (DTL)

Information on the technology used, including distributed ledger technology

H.2

Information about protocols and technical standards used

H.3

Other information on the technology used

H.4

Information on the consensus mechanism, where applicable

H.5

Information on incentive mechanisms to secure transactions and any fees applicable

H.6

Indication as to whether the crypto-assets are issued, transferred and stored using distributed ledger technology that is operated by the issuer, the offeror or a third-party acting on their behalf

H.7

If the DLT is operated by the issuer or a third party acting on the issuer’s behalf, a detailed description of the functioning of such distributed ledger technology

H.8

H.9

Part I – Information on risks

I.1

Offer-related risks

A description of the risks associated with the offer to the public of crypto-assets or their admission to trading

I.2

A description of the risks associated with the issuer, if different from the offeror or person seeking admission to trading

I.3

Crypto-assets-related risks

A description of the risks associated with the crypto-assets

I.4

Project implementation-related risks

A description of the risks associated with project implementation

I.5

A description of the risks associated with the technology used

I.6

Mitigation measures of the risks associated with the technology, if any

Part J – Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

J.1

Information referred to Commission Delegated Regulation establishing technical standards adopted pursuant to Article 6(12), fourth subparagraph, Article 19(11), fourth subparagraph, Article 51(15), fourth subparagraph, and Article 66(6), fourth subparagraph of Regulation (EU) 2023/1114 of the European Parliament and of the Council

Table 3

Template for white papers for asset-referenced tokens

FORM AND STANDARDS

I.00

alphanumerical text

I.01

I.02

Statement in accordance with Article 19(4), points (a) to (e), of Regulation (EU) 2023/1114

‘The asset-referenced token referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

The asset-refenced token referred to in this crypto-asset white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.’

I.03

Compliance statement in accordance with Article 19(5) of Regulation (EU) 2023/1114

‘This crypto-asset white paper complies with Title III of Regulation (EU) 2023/1114 of the European Parliament and of the Council and to the best of the knowledge of the management body, the information presented in this crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.’

I.04

Warning in accordance with Article 19(6), second subparagraph, of Regulation (EU) 2023/1114

The prospective holder should base any decision to purchase this asset-referenced token on the content of the crypto-asset white paper as a whole and not on the summary alone.

I.05

A brief, clear and non-technical description of the characteristics of the asset-referenced token concerned in order to help prospective holders of that asset-referenced token make an informed decision

I.06

Right of redemption

‘The holders of asset-referenced tokens have a right of redemption at any time’

Description of the conditions for such redemption

I.07

Key information about the offer to the public and/or admission to trading

Key information about the offer to the public of the asset-referenced token or the intended admission to trading of the asset-referenced token

Part A – Information about the issuer of the asset-referenced token

Address and country of the Head office, where different than registered address

Legal entity identifier of the issuer

Other identifier required pursuant to applicable national law

This field only applies to entities for which a national identifieris required under applicable national law.

Identity, business address and functions of each person that is member of the management body, as defined in Article 3(1), point (27), of Regulation (EU) 2023/1114, of the issuer

Business or professional activity of the issuer,

Business or professional activity of the parent company (if applicable)

Indication as to whether the issuer has been established for the past three years

Financial condition of the issuer over the past three years.

This shall be assessed based on a fair review of the development and performance of the business of the issuer and of its position for each year and interim period for which historical financial information is required, including the causes of material changes.

The review shall be a balanced and comprehensive analysis of the development and performance of the business of the issuer and of its position, consistent with the size and complexity of the business.

Where the issuer has not been established for the past three years, its financial condition since the date of its registration.

Governance arrangements

A detailed description of the issuer’s governance arrangements

Exemption from authorisation

Indication of whether the issuer of asset-referenced tokens is exempted from authorisation

‘NOEX’ – No exemption

‘EX17’ – Exemption in accordance with Article 17

‘EX16’ – Exemption in accordance with Article 16

A.18

Authorisation as issuer of asset-referenced token

If not exempted from authorisation, details about the authorisation as an issuer of an asset-referenced token

A.19

Authorisation authority

Name of the competent authority that granted the authorisation as issuer of asset-referenced tokens

A.20

Competent authority for credit institutions

For credit institutions, name of the competent authority of the home Member State

A.21

Issuance of other crypto-assets

Indication of whether the issuer of the asset-referenced token also issues other crypto-assets

A.22

Activities related to other crypto-assets

Indication of whether the issuer of the asset-referenced token also has activities related to other crypto-assets

A.23

Connection between the issuer and the entity running the DLT

Indication of whether there is any connection between the issuer and the entity running the distributed ledger technology used to issue the crypto-asset, including if the protocols are run or controlled by a person closely connected to the project participants

A.24

Description of the connection between the issuer and the entity running the DLT

Description of the connection between the issuer and entity running the distributed ledger technology used to issue the crypto-asset, including if the protocols are run or controlled by a person closely connected to the project participants

AA- information on other persons offering to the public or seeking admission to trading of asset-referenced tokens other than the issuer and on other persons drawing up the crypto-asset white paper in accordance with Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

AA.1

Persons other than the issuer offering to the public or seeking admission to trading of the asset referenced token according to Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

Where different from the issuer, indication of the identity of the person offering to the public or seeking admission to trading of the asset referenced token

AA.1.2

Persons other than the issuer offering to the public or seeking admission to trading of the asset referenced token according to Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

Field to be filled in only if a legal entity identifier is not provided in field AA.1

National identifier based on the nationality of the person other than the issuer offering to the public or seeking admission to trading, if required under the applicable national law.

AA.2

Reason for offering to the public or seeking admission to trading the asset-referenced token by persons referred to in Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

Where the offeror or the person seeking admission to trading is different from the issuer, reason for offering to the public or seeking admission to trading of the asset-referenced token

AA.3

Other persons drawing up the crypto-asset white paper according to Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

Where different from the issuer, indication of the identity of the person drawing up the crypto-asset white paper

AA.3.1

Other persons drawing up the crypto-asset white paper according to Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

Field to be filled in only if a legal entity identifier is not provided in field AA.3

National identifier based on the nationality of the person drawing up the crypto-asset white paper, if required under the applicable national law.

AA.4

Reason for drawing the white paper by persons referred to in Article 19(1), second subparagraph, of Regulation (EU) 2023/1114

Where the white paper is drawn up by a person different from the issuer, reason for drawing up the white paper

Part B - Information about the asset-referenced token

Asset-referenced token name

Field to be filled in only if a DTI is not provided in field B.15

Name of the asset-referenced token

Token abbreviation

Field to be filled in only if a DTI is not provided in field B.15

Abbreviation or ticker handler of the asset-referenced token

Details of all natural or legal persons involved in the operationalisation of the asset-referenced token

Details of advisors, development team, CASPs and all other natural or legal persons involved in the implementation of the crypto-asset project, including business addresses or domicile of the company

Third-party roles

A description of the role, responsibility and accountability of any third-party entities referred to in Article 34(5), first subparagraph, point (h), of Regulation (EU) 2023/1114

Plans for the token

Information about the plans for the asset-referenced tokens, including description of past and expected future milestones

Resource allocation

Where applicable, information about resources already allocated to the project

A description of the characteristics of the asset referenced token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article

Type of crypto-asset white paper

The type of white paper notified

ARTW

A description of the characteristics of the asset referenced token being offered or admitted to trading

Starting date or, if not available at the time of the notification by the competent authority, the intended starting date of offer to the public or admission to trading

Effective or intended publication date of the white paper or of the modified white paper

B.13

Any other services provided by the issuer not covered by Regulation (EU) 2023/1114, with a reference to the applicable Union or national legal acts regulating those services

B.14

Language or languages of the crypto-asset white paper

B.15

Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available

Code used to uniquely identify the crypto-asset or each of the several crypto assets to which the crypto-asset white paper relates, where available

B.16

B.17

B.18

B.19

Home Member State as defined in Article 3(1), point (33), of Regulation (EU) 2023/1114

B.20

Part C - Information about the offer to the public of the asset-referenced token or its admission to trading

Public offering or admission to trading

Indication as to whether the crypto-asset white paper concerns an offer to the public of the asset-referenced token or its admission to trading

‘OTPC’ - offer to the public

‘ATTR’ - admission to trading

Fundraising target

Where applicable, the amount that the offer to the public of the asset-referenced token intends to raise in funds in an official currency or in any other crypto-asset

Minimum subscription goals

Where applicable, any minimum target subscription goals set for the offer to the public of the asset-referenced token in an official currency or any other crypto-assets

Maximum subscription goals

Where applicable, any maximum target subscription goals set for the offer to the public of the asset-referenced token in an official currency or any other crypto-assets

Oversubscription acceptance

Indication whether oversubscriptions are accepted

‘false’ - No

Oversubscription allocation

Where oversubscriptions are accepted, description of how they are allocated

C.7

Token offering/trading quantity

Where applicable, the total number of units of the asset-referenced token to be offered or admitted to trading

Numerical {DECIMAL-18/3}

C.8

Targeted holders

Indication of the prospective holders targeted by the offer to the public of the asset-referenced token or admission of such asset-referenced token to trading

‘RETL’ – retail investors

‘PROF’ – professional investors

C.9

Holder restrictions

Indication of any restriction as regards the type of holders for the asset-referenced token

C.10

Reimbursement notice

‘Purchasers participating in the offer to the public of this asset-referenced token will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, if they exercise the right to withdrawal provided for in Article 13 of Regulation (EU) 2023/1114 of the European Parliament and of the Council or if the offer is cancelled’

C.11

Refund timeline

Expected timeline of when such refunds will be completed

C.12

Explicit consequences

Description of the consequences of exceeding a maximum target subscription goal

C.13

Offer phases

Information about the various phases of the offer to the public of the asset-referenced token

C.14

Early purchase discount

Information on discounted purchase price for early purchasers of the asset-referenced token (pre-public sales) and in the case of discounted purchase price for some purchasers, an explanation as to why the purchase prices may be different and a description of the impact on the other investors

C.15

Time-limited offer

Indication whether the offer is time-limited

C.16

Subscription period beginning

For time-limited offers, the beginning of the subscription period during which the offer to the public is open

C.17

Subscription period end

For time-limited offers, the end of the subscription period during which the offer to the public is open

C.18

Token purchase/redemption payment

Methods of payment to purchase and to redeem the asset-referenced token offered

C.19

Token transfer

Information on the method and time schedule of transferring the purchased asset-referenced token to the holders

C.20

Purchasers technical requirements

Information about technical requirements that the purchaser is required to fulfil to hold the asset-referenced token

C.21

CASP name

Where applicable, the name of the crypto-asset service provider in charge of the placing of asset-referenced tokens

C.22

CASP identifier

The legal entity identifier of the crypto-asset service provider in charge of the placing of asset-referenced tokens

C.23

Placement form

Where applicable, the form of such placement (with or without a firm commitment basis)

‘WITH- with a firm commitment basis

‘WOUT’ - without a firm commitment basis

C.24

C.25

Trading platforms market identifier code (MIC)

Segment MIC for the trading platform operated by the CASP, where available, otherwise operating MIC.

C.26

Trading platforms access

Where applicable, information about how investors can access such trading platforms

C.27

Involved costs

Where applicable, information about the costs involved for accessing the trading platform for investors

C.28

Offer expenses

Expenses related to the offer to the public of the asset-referenced token, in an official currency or any other crypto-assets. If more than one type of expense, expenses should be presented in a tabular format.

Free alphanumerical text and Numerical {DECIMAL-18/3} presented in tabular format

C.29

Conflicts of interest

Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading

C.30

The law applicable to the offer to the public of the asset-referenced token

C.31

Part D - Information on the rights and obligations attached to the asset-referenced token

Token functionalities

A description of the functionality of the asset-referenced token being offered or admitted to trading

Planned functionalities use

Information about when the functionalities are planned to apply

Purchaser rights and Obligations

A description of the rights and obligations, if any, of the purchaser

Rights exercise procedure

A description of the procedure and conditions for the exercise of those rights

Conditions for modifications of rights and obligations

A description of the conditions under which the rights and obligations may be modified

Future public offers

Where applicable, information on the future offers to the public of the asset-referenced token by the issuer

Issuer retained units

Where applicable, information on the number of units of the asset-referenced token retained by the issuer itself

Non-trading request

Indication as to whether an admission to trading is sought

‘true’ –sought

‘false’ – not sought

Token purchase or sale modalities

Where an admission to trading is not sought, information on how and where the asset-referenced token can be purchased or sold after the offer to the public

Token transfer restrictions

Any restrictions on the transferability of the asset-referenced token that is being offered or admitted to trading

D.11

Supply adjustment protocols

Indication as to whether the asset-referenced token has protocols for the increase or decrease of their supply in response to changes in demand

D.12

Supply adjustment mechanisms

Where the asset-referenced token has protocols for the increase or decrease of their supply in response to changes in demand, a description of the functioning of such protocols

D.13

Token value protection Schemes

Indication as to whether the asset-referenced token has a protection scheme protecting the value of the asset-referenced token

D.14

Where yes in the field D.13, a description of the protection schemes protecting the value of the asset-referenced token

D.15

Indication as to whether the asset-referenced token has a compensation scheme

D.16

Compensation schemes description

Where yes in the field D.15, a description of compensation schemes

D.17

Nature and enforceability of rights

Information on the nature and enforceability of rights, including permanent rights of redemption and any claims that holders and any legal or natural person as referred to in Article 39(2) of Regulation (EU) 2023/1114, may have against the issuer, including information on how such rights will be treated in the case of insolvency procedures and whether different rights are allocated to different holders and the non-discriminatory reasons for such different treatment

D.18

Referenced assets description

Detailed description of the claim that the asset-referenced token represents for holders, including a description of each referenced asset including the ISIN code where available and specified proportions of each of those assets

{ISIN} where applicable

D.19

Referenced assets proportions

Description of the amount of the claim and the reserve of asset

D.20

Value-claim-reserve interrelation

Relation between the value of the referenced assets and the amount of the claim and the reserve of assets

D.21

Transparent claim valuation

Description how a fair and transparent valuation of components of the claim is undertaken, which identifies, where relevant, independent parties

D.22

Other details about the claim the asset referenced token represents over referenced assets

Additional details describing the claim that the asset-referenced token represents for the holders

D.23

Liquidity arrangements

Where applicable, information on the arrangements put in place by the issuer to ensure the liquidity of the asset-referenced token

D.24

Liquidity providers

Where applicable, the name of the entities in charge of ensuring liquidity

D.25

Complaint submission contact

Contact details for submitting complaints

D.26

Complaints handling procedures

Description of the complaints-handling procedures

D.27

Dispute resolution mechanism

Description of any dispute resolution mechanism or redress procedure established by the issuer of the asset-referenced token

D.28

Holder rights in default or insolvency

A description of the rights of the holders when the issuer is not able to fulfil its obligations, including in insolvency

D.29

Rights in recovery plan implementation

A description of the rights in the context of the implementation of the recovery plan

D.30

Rights in redemption plan implementation

A description of the rights in the context of the implementation of the redemption plan

D.31

Redemption form

Detailed information on how the asset-referenced token is redeemed

D.32

Redemption form options

Indication whether the holder will be able to choose the form of redemption

D.33

Transference form options

Indication as to whether the holder will be able to choose the form of transference

D.34

Form of transference

D.35

Redemption currency

The official currency of redemption

D.36

The law applicable to the asset-referenced token

D.37

Part E - Information on the underlying technology

Distributed ledger technology

Fill in the field only if a DTI is not provided in field B.15

Information on the distributed ledger technology

Information on the protocols and technical standards used, allowing for the holding, storing and transfer of the asset-referenced token

Other information on the technology used allowing for the holding, storing and transfer of asset-referenced tokens, if relevant

The consensus mechanism, where applicable

Incentive mechanisms to secure transactions and any fees applicable

Indication as to whether the asset-referenced tokens are issued, transferred and stored using distributed ledger technology that is operated by the issuer or a third-party acting on the issuer’s behalf

If the DLT is operated by the issuer or a third party acting on the issuer’s behalf, a detailed description of the functioning of such distributed ledger technology

Part F - Information on the risks

Risks related to Asset Reserve

The risks related to the reserve of assets, when the issuer is not able to fulfil its obligations

A description of the risks associated with the issuer of the asset-referenced token

Offer-related risks

A description of the risks associated with the offer to the public of the asset-referenced token or its admission to trading

Token-related risks

Description of the risks associated with the asset-referenced token, in particular with regard to the asset referenced

F.5

Risks related to operationalisation of the asset-referenced Token project

A description of the risks associated with the operationalisation of the asset-referenced token project

F.6

Description of the risks associated with the technology used

F.7

Mitigation measures of the risks associated with the technology used, if any

Part G - Information on the reserve of assets

Value alignment mechanism

Detailed description of the mechanism aimed at aligning the value of the reserve of assets with the claim associated with the asset-referenced token, including legal and technical aspects

G.2

Asset reserve description

Detailed description of the reserve of assets and their composition

G.3

Token issuance and redemption mechanisms

A description of the mechanisms through which asset-referenced tokens are issued and redeemed

G.4

Investment of reserve of assets

Information on whether a part of the reserve assets are invested

G.5

Reserve asset investment policy

If a part of the reserve assets are invested, a description of the investment policy for the reserve assets

G.6

Reserve asset custody arrangements

Description of the custody arrangements for the reserve assets, including their segregation

G.7

Custodian service providers

Name of crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients, credit institutions, or investment firms appointed as custodians of the reserve assets

G.8

Custodian service providers

LEI of the CASP providing custody and administration of crypto-assets on behalf of clients, credit institutions, or investment firms appointed as custodians of the reserve assets

Part H – Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

H.1

Include information referred to Commission Delegated Regulation establishing technical standards adopted pursuant to Article 6(12), fourth subparagraph, Article 19(11), fourth subparagraph, Article 51(15), fourth subparagraph, and Article 66(6), fourth subparagraph of Regulation (EU) 2023/1114 of the European Parliament and of the Council

Table 4

Template for white papers for e-money tokens

FORM AND STANDARDS TO BE USED FOR REPORTING

I.00

Alphanumerical text

I.01

I.02

Statement in accordance with Article 51(3) of Regulation (EU) 2023/1114

‘This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The issuer of the crypto-asset is solely responsible for the content of this crypto-asset white paper.’

I.03

Compliance statement in accordance with Article 51(5) of Regulation (EU) 2023/1114

‘This crypto-asset white paper complies with Title IV of Regulation (EU) 2023/1114 of the European Parliament and of the Council and to the best of the knowledge of the management body, the information presented in this crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.’

I.04

Warning in accordance with Article 51(4), points (a) and (b), of Regulation (EU) 2023/1114

‘This e-money token is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.’

I.05

Warning in accordance with Article 51(6), second subparagraph of Regulation (EU) 2023/1114

The prospective holder should base any decision to purchase this e-money token on the content of the crypto-asset white paper as a whole and not on the summary alone.

The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and that any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law.

I.06

A brief, clear and non-technical description of the characteristics of the crypto-assets concerned in order to help prospective holders of the crypto-asset make an informed decision

I.07

Right of redemption

‘The holders of this e-money token have a right of redemption at any time and at par value.’

Description of the conditions for such redemption.

I.08

Key information about the offer and/ or admission to trading

Key information about the offer to the public of the e-money token or the intended admission to trading of such e-money token.

Part A- Information about the issuer of the e-money token

Statutory Name

Trading Name

Fill in the field only if LEI is not provided in field A.7. Legal form

Fill in the field only if LEI is not provided in field A.7. Address and country of registration

Fill in the field only if LEI is not provided in field A.7. Address and country of the Head office, where different than registered address

Legal entity identifier of the issuer, where available

Another identifier required pursuant to applicable law

This field only applies to entities for which a national identifier is required under applicable national law.

Contact telephone number

Contact telephone number of the issuer

E-mail address

E-mail address of the issuer

Response time (days)

Period of days within which an investor via that telephone number or email address will receive an answer

Fill in the field only if an LEI is not provided in field A.7. Where applicable, the name of the parent company

Identity, business address and functions of persons (names or other identifiers) within the management body, as defined in Article 3(1), point (27), of Regulation (EU) 2023/1114, of the issuer

Business or professional activity of the issuer, including principal activities and principal markets

Business or professional activity of the parent company (if applicable), including principal activities and principal markets

Conflicts of interest disclosure

Potential conflicts of interest

Issuance of other crypto-assets

Indication of whether the issuer of the e-money token also issues other crypto-assets

A.18

Activities related to other crypto-assets

Indication of whether the issuer of the e-money token also has activities related to other crypto-assets.

A.19

Connection between the issuer and the entity running the DLT

A.20

Description of the connection between the issuer and the entity running the DLT

A.21

Indication as to whether the issuer has been established for the past three years

A.22

Financial condition of the issuer over the past three years.

The analysis shall include both financial and, where appropriate, non-financial Key Performance Indicators relevant to the particular business.

The analysis shall, where appropriate, include references to, and additional explanations of, amounts reported in the annual financial statements (when available), information regarding unusual or infrequent events or new developments, materially affecting the income from operations and indicate the extent to which income was so affected, information concerning capital resources (both short term and long term) and an explanation of the sources and amounts of and a narrative description of the cash flows.

A.23

Where the issuer has not been established for the past three years, its financial condition since the date of its registration.

The analysis shall include both financial and, where appropriate, non-financial Key Performance Indicators relevant to the particular business.

A.24

Exemption from authorisation

Indication of whether the issuer of e-money token is exempted from authorisation in accordance with Article 48(4) and (5) of Regulation (EU) 2023/1114

A.25

E-money token authorisation

If not exempted from authorisation in accordance with Article 48(4) and (5) of Regulation (EU) 2023/1114, details about the authorisation as an issuer of an e-money token

A.26

Authorisation authority

Name of the competent authority that granted the authorisation

A.27

Persons other than the issuer offering to the public or seeking admission to trading of the e-money token in accordance with Article 51(1), second subparagraph, of Regulation (EU) 2023/1114

Where different from the issuer, indication of the identity of the person offering to the public or seeking admission to trading of the e-money token

A.28

Persons other than the issuer offering to the public or seeking admission to trading of the e-money token in accordance with Article 51(1), second subparagraph, of Regulation (EU) 2023/1114

Field to be filled in only if a legal entity identifier is not provided in field A.27

National identifier based on the nationality of the person other than the issuer offering to the public or seeking admission to trading of the e-money token, if required under the applicable national law.

A.29

Reason for offering to the public or seeking admission to trading of the e-money token by persons referred to in Article 51(1), second subparagraph, of Regulation (EU) 2023/1114

Where the offeror or the person seeking admission to trading is different from the issuer, reason for offering to the public or seeking admission to trading of the e-money token

Part B - Information about the e-money token

Field to be filled in only if a DTI is not provided in field B.12

e-money token name

Abbreviation

Field to be filled in only if a DTI is not provided in field B.12

e-token abbreviation

Details of all natural or legal persons involved in design and development

Details of advisors, development team members, CASPs and all natural and legal persons involved in the design and development of the crypto-asset project, including business addresses or domicile of the company, presented in a tabular format

B. A description of the characteristics of the e-money token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109, as specified in accordance with paragraph 8 of that Article

Type of white paper

The type of white paper notified.

EMTW

A description of the characteristics of the e-money token

Starting date or, if not available at the time of the notification by the competent authority, the intended starting date of offer to the public or admission to trading.

Effective or intended publication date of the white paper or of the modified white paper

Any other services provided by the issuer not covered by Regulation (EU) 2023/1114, with a reference to the applicable Union or national legal acts regulating those services

Language or languages of the white paper

Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available

Code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available

B.13

B.14

B.15

B.16

Home Member State as defined in Article 3(1), point 33, of Regulation (EU) 2023/1114

B.17

Part C - Information about the offer to the public of the e-money token or its admission to trading

Public offering or trading

Indication as to whether the crypto-asset white paper concerns an offer to the public of the e-money token or an admission to its trading

‘OTPC’ – offer to the public

‘ATTR’ – admission to trading

Number of units

Where applicable, the total number of units of the e-money token to be offered to the public or admitted to trading

Numerical {DECIMAL-18/3}

Trading platforms market identifier code (MIC)

Segment MIC for the trading platform operated by the CASP, where available, otherwise operating MIC

The law applicable to the offer to the public of the e-money token

Part D - Information on the rights and obligations attached to e-money tokens

Holder’s rights and obligations

A detailed description of the rights and obligations, if any, that the holder of the e-money token has, including the right of redemption at par value as well as the procedure and conditions for the exercise of those rights

Conditions of modifications of rights and obligations

Description of the conditions under which the rights and obligations may be modified

Description of the rights of the holders

Description of the rights of the holders when the issuer is not able to fulfil its obligations, including in insolvency

Rights in implementation of recovery plan

Description of rights in the context of the implementation of the recovery plan

Rights in implementation of redemption plan

Description of the rights in the context of the implementation of the redemption plan

Complaint submission contact

Contact details for submitting complaints

Complaints handling procedures

Description of the complaints-handling procedures

Dispute resolution mechanism

Description of any dispute resolution mechanism or redress procedure established by the issuer of the e-money token

Token value protection schemes

Indication as to whether the crypto-asset has a protection scheme protecting the value of the crypto-asset

Where field D.9 is true, a description of protection schemes protecting the value of the crypto-asset and of compensation schemes

D.11

Indication as to whether the crypto-asset has a compensation scheme

D.12

Description

Where field D.11 is true, a description of compensation schemes

D.13

The law applicable to the e-money token

D.14

Part E - Information on the underlying technology

Distributed ledger technology

Field to be filled in only if a DTI is not provided in field B.13

Information on the distributed ledger technology

Information on the protocols and technical standards used, allowing for the holding, storing and transfer of e-money token

Other information on the technology used allowing for the holding, storing and transfer of e-money tokens, if relevant

Purchaser’s technical requirements

Information about the technical requirements that the purchaser has to fulfil to gain control over the e-money token

The consensus mechanism, where applicable

Incentive mechanisms to secure transactions and any fees applicable

Indication as to whether the e-money tokens are issued, transferred and stored using distributed ledger technology that is operated by the issuer or a third-party acting on the issuer’s behalf

If the DLT is operated by the issuer or a third party acting on the issuer’s behalf, a detailed description of the functioning of such distributed ledger technology

E.10

Part F - Information on the risks

A description of the risks associated with the issuer of the e-money token

Token-related risks

A description of the risks associated with the e-money token

Description of the risks associated with the technology used

Mitigation measures of the risks associated with the technology used, if any

Part G – Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

Include the information referred to Commission Delegated Regulation establishing technical standards adopted pursuant to Article 6(12), fourth subparagraph, Article 19(11), fourth subparagraph, Article 51(15), fourth subparagraph, and Article 66(6), fourth subparagraph of Regulation (EU) 2023/1114 of the European Parliament and of the Council

Official English source text captured for the public library.

Sources

Commission Delegated Regulation (EU) 2024/2984 supplementing MiCA with regulatory technical standards