ESMA Clarifies White Paper Obligations for Crypto-Assets Admitted to Trading Prior to the Entry into Application of MiCAR

On 14 October 2025, the European Securities and Markets Authority (ESMA), within the framework of its ongoing Questions and Answers (Q&A) on the Markets in Crypto-Assets Regulation (MiCAR), published a response addressing the obligations of issuers and crypto-asset service providers (CASPs) concerning crypto-asset white papers.

The question submitted to ESMA sought clarification of the obligations of offerors, persons seeking admission to trading, operators of trading platforms, and other crypto-asset service providers listed in Article 66(3) MiCAR, in relation to white papers for crypto-assets (other than asset-referenced tokens (ARTs) and e-money tokens (EMTs)) that had been admitted to trading prior to 30 December 2024, i.e., before MiCAR becomes applicable.

Limited Issuer Obligations

In its response, ESMA stated that, for crypto-assets falling under Title II of MiCAR that were admitted to trading prior to 30 December 2024, the obligations of issuers are limited compared to the corresponding obligations applicable after MiCAR’s entry into application.

Such entities are not required to draw up a white paper, but they remain subject to the marketing rules set out in Articles 7 and 9 MiCAR. Accordingly, marketing communications relating to crypto-assets admitted to trading prior to MiCAR must be fair, clear and not misleading.

Obligations of Trading Platform Operators

Under Article 143(2)(b) MiCAR, operators of trading platforms for crypto-assets are required, by 31 December 2027, to ensure that for crypto-assets falling under Title II of MiCAR and admitted to trading prior to 30 December 2024, an appropriate crypto-asset white paper is made available, prepared in accordance with the requirements of Articles 6, 8, 9 and 12 MiCAR.

If such a white paper already exists and has been registered, the operator must publish a reference or hyperlink directing to that document.

Obligations of Other CASPs

Other entities referred to in Article 66(3) MiCAR are likewise required to publish links to existing white papers, where such documents are available. Importantly, as ESMA emphasised, these entities are not required to ensure the preparation of a white paper in cases where one has not been drawn up.

Possible Absence of White Papers for Certain Crypto-Assets

Finally, ESMA noted that where a given crypto-asset is not admitted to trading on a trading platform, it may occur that no white paper will ever be prepared for such an asset- even after 31 December 2027.

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