MiCA compliance and whitepaper services for crypto-assets – EU jurisdiction guide 2026

Legal support for token issuance, classification, and NCA notification

Many token issuers assume that because a token has already been issued and may already be trading globally, no further MiCA compliance action is required in Europe. However, this is not always the case. Under MiCA, admission of a crypto-asset to trading on an EU-licensed crypto-asset trading platform requires a MiCA-compliant crypto-asset white paper and a notification process to the competent authority – European Securities and Markets Authority, even where the token has already been issued and is already trading. This also applies to utility tokens.

For crypto-assets other than ARTs or EMTs (utility tokens), the white paper must generally be notified to the competent authority at least 20 working days before admission to trading in the EU. The notification package usually also includes an explanation of why the token does not qualify as an ART or EMT. Importantly, even for tokens that were already traded in the EU before MiCA became applicable, transitional arrangements are not unlimited. Where a token was already admitted to trading in the EU before 30 December 2024, the relevant MiCA white paper notification and publication requirements need to be completed by 31 December 2027 in order to continue trading in the EU on MiCA authorized trading platforms. As such, already issued and traded tokens are not automatically exempt from MiCA-related obligations.

Who to Contact for MiCAR White Paper and Token Compliance in the EU?

For MiCAR white paper preparation, token classification and NCA notifications in the EU, ECOVIS ProventusLaw provides end-to-end legal support. Contact us today to schedule your free initial consultation and evaluate your project’s compliance needs.

ECOVIS ProventusLaw assists you as a token issuer with:

• establishing your presence within the EU, for example in Lithuania. Depending on your preferred operating model, it may be possible to establish a branch or subsidiary of your company within the EU;
• classification of the token under MiCA (including confirmation that the token qualifies as a crypto-asset other than an ART or EMT, where relevant);
• review of your existing white paper against MiCA requirements and identification of any compliance gaps;
• based on information provided by your team, drafting a MiCA-compliant white paper for trading in the EU;
• preparation of the notification package required for admission to trading / continued trading in the EU;
• coordination of the MiCA white paper and NCA notification process with the relevant competent authority.

Whether you need MiCA compliance support, crypto-asset white paper preparation, CASP compliance advisory, or NCA notification coordination across EU jurisdictions, our team covers the full MiCA compliance process — from initial token classification to ongoing obligations. Consistently ranked in global legal directories for FinTech law, our Pan-Baltic team has been shaping digital asset strategies since 2014. With a proven track record of securing over 40+ FinTech and MiCA/EMI/PI licenses, we provide robust legal solutions tailored for global token issuers.

Advising crypto and blockchain businesses since 2014. Contact us for a free initial consultation.

MiCAR token categories: ART, EMT and Other Crypto-Assets

MiCA compliance obligations differ significantly across these three categories — understanding your token’s classification is the first step in any MiCA compliance process. The Markets in Crypto-Assets Regulation (MiCAR), Regulation (EU) 2023/1114, establishes a comprehensive regulatory framework for crypto-assets across the European Union. Its primary objectives are consumer and investor protection, financial stability, and market integrity. MiCAR applies to the issuance, public offering, and admission to trading of crypto-assets, as well as to the provision of related services within the EU.

MiCAR classifies crypto-assets into three principal categories, each subject to distinct regulatory requirements.

• Asset-Referenced Tokens (ARTs) are crypto-assets that seek to maintain a stable value by referencing a basket of assets, currencies, or rights.
• Electronic Money Tokens (EMTs) maintain stable value by referencing a single official currency and are treated as electronic money under EU law.
• Crypto assets other than ART or EMT – including utility tokens – are governed by Title II of the Regulation. Each category carries different obligations for issuers, depending on whether they are credit institutions, electronic money institutions, or other legal persons.

Competent authorities by jurisdiction

Under MiCAR, each EU Member State designates a National Competent Authority (NCA) responsible for supervising compliance, receiving notifications and licence applications, and approving white papers where required.

Check the comparison below of how four jurisdictions — Lithuania, Latvia, Estonia, and Ireland — implement MiCAR requirements for each token category, including classification criteria, authorisation requirements, submission procedures, and applicable deadlines.

Crypto-asset token regulation under MiCAR – jurisdiction guide 2026

Asset-referenced tokens (ART) regulatory requirements by jurisdiction

Who may issue Asset-Referenced Tokens (ART)

ARTs may only be issued by EU-established legal persons or undertakings authorised by their home Member State competent authority, or by credit institutions complying with MiCAR Article 17. Authorisation is not required where the ART’s average outstanding value remains below EUR 5,000,000 or where the offer is made solely to qualified investors.

Is separate authorisation required for Asset-Referenced Tokens (ART)?

• Credit institutions: No separate authorization is required – white paper approval and notification to the Competent Authority is required (Article 17).
• Others: Authorisation required from the Competent Authority (Article 18).

Key pre-issuance steps for Asset-Referenced Tokens (ART) (Credit Institutions)

• Prepare white paper in accordance with Article 19 and Annex II
• Submit white paper to the Competent Authority for approval
• Notify the Competent Authority at least 90 working days before first issuance, providing: programme of operations, legal opinion, governance arrangements, policies and procedures, third-party contractual arrangements, business continuity policy, and internal control and risk management descriptions (Article 17(1)(b))
• Publish white paper following approval

Key pre-issuance steps for Asset-Referenced Tokens (ART) (Non-Credit Institution Legal Persons)

• Submit application for authorisation to the Competent Authority (Article 18)
• Submit white paper and all required supporting documents (Article 18(2))
• Await completeness assessment – 25 working days (Article 20(1))
• Await full assessment – 60 working days (Article 20(2))
• Draft decision transmitted to EBA, ESMA and ECB for opinions (Article 20(4)-(5))
• Final decision issued within 25 working days of receiving opinions (Article 21(1))

Submission deadline for Asset-Referenced Tokens (ART) (credit institutions)

At least 90 working days before first ART issuance (Article 17(1)(b)).

Assessment timeline for Asset-Referenced Tokens (ART) (non-credit institutions)

• 25 working days – completeness check (Article 20(1))
• 60 working days – substantive review (Article 20(2))
• 20 working days – EBA, ESMA and ECB opinions (Article 20(5))
• 25 working days – final decision (Article 21(1))
• 5 working days – notification of decision to applicant (Article 21(1))
• Total: minimum 130 working days / maximum 170 working days (accounting for possible suspension of up to 20 working days per Article 20(3))

early engagement strongly recommended

ART exemptions from authorisation

Average outstanding value does not exceed EUR 5,000,000 over any 12-month period, and the issuer is not linked to a network of other exempt issuers (Article 16(2)(a)).

Is ART white paper approval required?

Yes – the white paper must be approved by the Competent Authority before publication (Article 21(1)).

ART fees per jurisdiction

• Lithuania (Bank of Lithuania): Up to 0,7 % annual income; no less than 3000 EUR. https://www.lb.lt/lt/imoku-uz-finansu-rinkos-prieziura-dydziai
• Latvia (Latvijas Banka): EUR 2,500 (non-supervised entities); EUR 1,200 per additional token (supervised entities, max EUR 5,000/year).
• Estonia (Finantsinspektsioon): Credit institution: EUR 2,000 (new); EUR 1,000 (new version). Authorised issuer: no separate fee (covered by licence)
• Ireland (Central Bank of Ireland): see https://www.centralbank.ie/docs/default-source/regulation/how-we-regulate/fees-levies/industry-funding-levy/guidance/funding-strategy-and-guide-to-the-2025-industry-funding-regulations.pdf?sfvrsn=84a0691a_8

ART white paper modifications

Any intended material modifications to the white paper must be notified to the Competent Authority at least 30 working days before the changes take effect. The Competent Authority must approve the modified white paper within 30 working days of acknowledgement of receipt. The modified white paper must be published on the issuer’s website following approval (Article 25).

Electronic Money Tokens (EMT) Regulatory Requirements by Jurisdiction

Who may Issue Electronic Money Tokens (EMT)

Credit institutions or electronic money institutions (EMIs).

Is Separate Authorisation / Licence Required?

No separate MICA authorisation required – existing credit institution or EMI authorisation suffices. White paper notification to the Competent Authority is required.

Electronic Money Tokens (EMT) pre-issuance steps:

1. Prepare white paper in accordance with Article 51 and Annex III.
2. Notify the Competent Authority at least 40 working days before the intended public offer or admission to trading (Article 48(6)).
3. Notify white paper to the Competent Authority at least 20 working days before publication (Article 51(11)) – no prior approval required.
4. Publish white paper on the issuer’s website (Article 51(13)).
5. Submit recovery and redemption plans within 6 months of the date of the offer to the public or admission to trading (Article 55).

Electronic Money Tokens (EMT) notification deadline

At least 40 working days before the intended public offer or admission to trading (Article 48(6)).

Is EMT white paper approval required?

No prior approval required – notification to the Competent Authority only. The white paper must comply with the content requirements of Article 51 and be fair, clear and not misleading (Article 51(2)).

EMT Exemptions

• Small e-money institutions (EMIs) that qualify for a regulatory waiver are exempt from certain stricter requirements (Article 48(4)).
• Certain e-money tokens (EMTs) that are already excluded under existing EU law are exempt from most of the rules in this section (Article 48(5)).

Note: Even where an exemption applies, issuers must still draw up and notify a crypto-asset white paper to the Competent Authority (Article 48(7)).

EMT fees per jurisdiction

• Lithuania (Bank of Lithuania): Fees are typically covered under the active EMI/credit institution licence supervision terms.
• Latvia (Latvijas Banka): No fee. See: https://likumi.lv/ta/id/338266-noteikumi-par-finansu-tirgus-dalibnieku-maksajumu-apmeru-un-so-maksajumu-aprekinasanas-un-veiksanas-kartibu
• Estonia (Finantsinspektsioon): No fee.
• Ireland (Central Bank of Ireland): See: https://www.centralbank.ie/docs/default-source/regulation/how-we-regulate/fees-levies/industry-funding-levy/guidance/funding-strategy-and-guide-to-the-2025-industry-funding-regulations.pdf?sfvrsn=8480691a_8

EMT white paper modifications

Any significant new factor, material mistake or material inaccuracy capable of affecting the assessment of the e-money token must be described in a modified white paper, notified to the Competent Authority and published on the issuer’s website (Article 51(12)).

Note: Unlike ARTs, there is no specified advance notice period for white paper modifications for EMTs – Article 51(12) does not prescribe a minimum notification deadline before publication, therefore it has to be immediate.

Other Crypto-Assets (Not ART or EMT – MiCAR Title II) requirements by jurisdiction

Who may Issue or offer Other Crypto-Assets (Not ART or EMT – MiCAR Title II)

Only legal persons may make an offer to the public of crypto-assets other than ARTs or EMTs (Article 4(1)(a)).

Is authorisation / licence required?

No authorization required.

Notification deadline

At least 20 working days before publication.

Is white paper approval required?

No – notification only.

Assessment after notification

5 working days.

Exemptions from white paper obligation

1. Offered to < 150 persons per Member State acting on own account.
2. Total consideration < EUR 1 million over 12 months.
3. Offered solely to qualified investors.
4. Offered for free.
5. Automatically created as mining/validation reward.
6. Utility token for existing good/service.
7. Limited merchant network.

(Article 4(2) & (3)).

Fees

• Lithuania (Bank of Lithuania): Yearly 3000 EUR.
• Latvia (Latvijas Banka): Initially free of charge. See: https://likumi.lv/ta/id/338266-noteikumi-par-finansu-tirgus-dalibnieku-maksajumu-apmeru-un-so-maksajumu-aprekinasanas-un-veiksanas-kartibu
• Estonia (Finantsinspektsioon): EUR 1,000.
• Ireland (Central Bank of Ireland): See: https://www.centralbank.ie/docs/default-source/regulation/how-we-regulate/fees-levies/industry-funding-levy/guidance/funding-strategy-and-guide-to-the-2025-industry-funding-regulations.pdf?sfvrsn=8480691a_8

White paper modifications

Updated white paper submitted no less than 7 working days before publication.

More thorough guidance links

• Lithuania: https://www.lb.lt/lt/kriptoturto-rinkos
• Latvia: https://www.bank.lv/en/operational-areas/licensing/crypto-asset
• Estonia: https://www.fi.ee/en/investment/applying-operating-licence/information-crypto-asset-issuers-white-paper
• Ireland: https://www.centralbank.ie/regulation/markets-in-crypto-assets-regulation and https://www.centralbank.ie/docs/default-source/regulation/micar/guidance-note-for-the-issuers-of-arts-and-emts.pdf

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