Erscheinung:01.09.2022, Stand:updated on 05.02.2025How does MiCAR regulate the issuance of crypto-assets that are neither ARTs nor EMTs?
In contrast to the requirements for the issuance of ARTs and EMTs, the regulation does not provide for an authorisation requirement for the issuance of other crypto-assets. To issue or offer to the public any type of crypto-assets (in the event that no exemptions apply), issuers must submit a white paper to the competent authority and publish it, comply with requirements for marketing communications and grant token holders rights of withdrawal (Article 6 et seq. of MiCAR). Moreover, issuers of crypto-assets other than ARTs or EMTs and persons seeking the admission to trading for such crypto-assets must comply with conduct of business rules (Article 14 of MiCAR) and are to be held responsible for the information provided in a crypto-asset white paper (Article 15 of MiCAR).
The aforementioned requirements do not apply, for example, to issuers or providers of crypto-assets that are offered free of charge or where crypto-assets are issued as mining rewards (Article 4(3)(b) of MiCAR).
