The MiCA whitepaper is the information document that a cryptoasset issuer publishes before the offering, explaining what the token is, what risks it has and who issues it. It must not be confused with the CNMV prospectus: if the token is a negotiable security, it falls outside MiCA and is governed by Ley 6/2023.
The MiCA white paper (whitepaper) is a key term for understanding regulated tokenization in Spain. Here it is explained clearly.
What is the MiCA white paper (whitepaper)
The MiCA white paper (whitepaper) is the information document that a crypto-asset issuer publishes before the offering: it explains what the token is, what risks it has and who issues it. It is the crypto equivalent of the product prospectus.
For “other crypto-assets” under Title II, the CNMV is notified; for ART and EMT prior approval is required. Do not confuse it with the issuance document of a security token, which is governed by the LMVSI (art. 7) and not by MiCA. We explain the boundary in STO vs MiCA crypto-assets.
Frequently asked questions
Is the MiCA white paper the same as a prospectus?
They serve a similar purpose (to inform before the offering), but the white paper is from MiCA for crypto-assets and the prospectus is from Regulation (EU) 2017/1129 for securities. A security token uses an issuance document and, where applicable, a prospectus, not a MiCA white paper.
Who approves the white paper?
For crypto-assets under Title II of MiCA, it is notified to the CNMV; for ART and EMT, prior approval from the competent authority is required.
More terms in the tokenization glossary.
Notice
Informational content. It does not constitute legal, tax or investment advice. Check the current version of the cited rules on BOE and EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
