White papers

Please be reminded that entities, which intend to offer assets to the public or seek to admit them to trading, shall assess first whether such assets fall into the scope of Regulation (EU) 2023/1114 (Markets in Crypto Assets Regulation, short MiCAR) and, if so, whether they qualify as asset-referenced tokens (ARTs) or e-money tokens (EMTs). In this respect, please also see our Overview on MiCAR with further details on the qualification of crypto-assets.

MiCAR establishes new rules for offerors and persons seeking admission to trading of crypto-assets other than ARTs or EMTs under its Title II.

As defined under such title, other crypto-assets are all crypto-assets, which are not excluded from the scope of MiCAR pursuant to its Article 2 and which do not qualify as ARTs or EMTs.

Since 30 December 2024, the provisions of Title II of MiCAR are directly applicable to offerors and persons seeking admission to trading of crypto-assets other than ARTs or EMTs. The following regulatory obligations apply to them:

• the obligation to draw up a crypto-asset white paper in respect of their crypto-asset in accordance with Article 6 of MiCAR;
• the obligation to notify their crypto-asset white paper to the competent authority of their home Member State pursuant to Article 8 of MiCAR;
• the requirements for marketing communications specified in Article 7 of MiCAR;
• the publication requirements for the crypto-asset white paper and marketing communications, if any, specified in Article 9 of MiCAR; and
• the conduct of business rules specified in Article 14 of MiCAR.

Content and form of white papers for crypto-assets other than ARTs or EMTs are prescribed by Article 6 in combination with Annex I of MiCAR and Commission Implementing Regulation (EU) 2024/2984.

The specific content and form of the explanations accompanying the crypto-asset white papers are prescribed through ESA guidelines adopted in accordance with Article 97(1) of MiCAR and fully backed by the CSSF.

Where Luxembourg is the home Member State in accordance with Article 3(1)(33) of MiCAR, crypto-asset white papers for crypto-assets other than ARTs or EMTs must be notified to the CSSF. The contact address for such notification is whitepaper.notification@cssf.lu.

Questions in relation to white papers for crypto-assets other than ARTs or EMTs can be sent to such contact address.

The CSSF reminds all stakeholders that no approval for crypto-asset white papers for crypto-assets other than ARTs or EMTs is required by MiCAR.

Since 30 June 2024, issuers of ARTs are required to draw up and publish a white paper containing information on their ARTs.

Where an ART is issued by a credit institution, Article 17 of MiCAR provides for the submission for approval of its white paper to the competent authority of its home Member State.

Where an ART is issued by a legal person or other undertaking which is not a credit institution, the issuer is subject to authorisation as per Article 18 of MiCAR and shall provide in the context of its authorisation procedure a white paper for the ART it issues to the competent authority of its home Member State.

Content and form of crypto-asset white papers for ARTs are prescribed through Article 19 in combination with Annex II of MiCAR and Commission Implementing Regulation (EU) 2024/2984.

Further information, including contact details, on the notification and authorisation procedures applicable to ART issuers is available on https://www.cssf.lu/en/issuers-of-asset-referenced-tokens-arts/.

Since 30 June 2024, issuers of EMTs are required to draw up and publish a white paper containing information on their EMTs.

Credit institutions and electronic money institutions that intend to offer to the public or seek admission to trading of an EMT shall notify a white paper to the competent authority of the Home Member State and publish it in accordance with Article 51.

Content and form of crypto-asset white papers for EMTs are prescribed through Article 51 in combination with Annex III of MiCAR and Commission Implementing Regulation (EU) 2024/2984.

Further information, including contact details, on the notification procedure applicable to EMT issuers is available on https://www.cssf.lu/en/issuers-of-e-money-tokens-emts/.