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Notification of the MiCA crypto asset white paper

Compliance with the MiCA regulation (markets in crypto assets) is now a mandatory requirement for any player wishing to make an offer to the public of crypto assets or seek their admission to trading within the European Union.

The notification of a crypto asset white paper to the Autorité des Marchés Financiers (AMF) constitutes a critical step:

  • it determines the legality of the offer or the admission to trading,

  • it requires compliance with strict deadlines, notably the filing at least 20 working days before publication,

  • it triggers the liability of offerors in the event of a material omission or material inaccuracy.

Our expertise

The firm has supported innovative projects in crypto assets and decentralised finance for several years. Our added value is built upon:

  • a sophisticated command of European law (MiCA) and French law, including the Monetary and Financial Code and the AMF General Regulation,

  • concrete experience in discussions with the AMF and a clear understanding of the regulator’s practical expectations,

  • a multidisciplinary approach, combining regulatory, financial, and technological expertise,

  • bespoke assistance, tailored to the nature of the crypto asset and the profile of the issuer.

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Regulatory framework and key stakes

The MiCA Regulation mandates the publication and prior notification of the crypto asset white paper.

The AMF instruction regarding the notification procedures for documents relating to an offer to the public or an admission to trading of a crypto asset specifies the practical conditions for notification in France, including:

  • the format of the white paper, which must be machine-readable and provided in French or English,

  • the content of accompanying documents, such as a legal opinion, the list of target Member States, and the offer timetable,

  • the use of standard forms.

For the issuer, the primary risks include:

  • the rejection or suspension of the project in the event of an incomplete filing,

  • penalties for errors or omissions,

  • the obligation to update the white paper for every significant new factor.

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Our step-by-step support

Our intervention is based on a rigorous methodology, adapted to the maturity of your project, your target jurisdiction, and your distribution strategy (admission to trading, airdrop, launchpad).

Regulatory scoping and qualification

  • Regulatory audit (token qualification, applicable framework),

  • Selection of the most appropriate European jurisdiction according to your objectives,

  • Definition of the offer structure: public sale, airdrop, launchpad, or listing,

  • Choice of the issuing entity and contractual scoping.

Preparation of the notification file

  • Drafting of the MiCA white paper in accordance with Annex I of the MiCA regulation,

  • Formalisation of marketing materials and AML/CFT documentation,

  • Preparation of the filing with the regulator (AMF or foreign authority).

Filing and interactions with the regulator

  • Notification and exchanges with the competent authority,

  • Responses to potential observations,

  • Publication and registration of the white paper on the ESMA register.

Post-issuance or listing support

  • Assistance in exchanges with investors, platforms, and regulators,

  • European regulatory monitoring,

  • Update of procedures and documentation in case of regulatory changes.

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References and case studies

Context: A crypto project that issued its token in 2022 faced a request from exchange platforms for a MiCA compliant white paper.

Solution: ORWL supported the project in setting up this white paper, aligning the content with MiCA requirements and platform expectations.

Result: The project successfully listed its token within a limited timeframe, minimising market impact.

Context: A non EU project wished to list its token on exchange platforms active in the European market.

Solution: The firm assisted the project in drafting a compliant white paper and conducting a benchmark of several regulators in Europe.

Result: The project achieved MiCA compliance by selecting the regulator best suited to its needs.

FAQ – Notification of the MiCA crypto asset white paper

The notification must occur at least 20 working days before the publication of the white paper, provided that the operation does not fall within the exemptions provided by MiCA.

In the case of an EU-established entity, the notification shall be made to the competent authority of the Home Member State.

A non-EU entity may elect to notify the competent authority of the Member State where the crypto-assets are first intended to be offered to the public.

In an official language of the home Member State or in a language customary in the sphere of international finance. If offered in another Member State, it must also be in an official language of the host Member State.

No, it does not constitute approval of the content, but merely verifies that the notification is complete and formally compliant. Exclusive liability for the content remains with the issuer.

Any material modification to the white paper must be notified at least 7 working days before its publication.

Yes, for instance, in the case of limited networks or offers made to fewer than 150 persons per Member State, subject to strict conditions. These exemptions are strictly interpreted by the regulator, similar to those applicable to payment services, electronic money, or public offerings of securities.

Working on a MiCA whitepaper project? Contact us using the form below.