Today, we will analyse on the following paragraphs what are the requirements for the issuers of crypto assets, other than asset referenced tokens or e-money tokens (hereinafter crypto-assets) who seek to offer such crypto-assets to the public or to seek admission to trading platform.
Article 9 of MiCA requires issuers of crypto assets, other than asset referenced tokens or e-money tokens (hereinafter crypto- assets) to set a time limit on their offer to the public and publish the result of the offer within 16 working days from the end of the subscription period. The funds or other crypto assets collected during the offer must be kept in custody by either a) a credit institution or on b) a crypto-asset service provider authorized for custody and administration of crypto-assets on behalf of third parties.
However, article 10 of MiCA states that after the publishing of a White Paper, issuers of crypto-asset are permitted to offer their assets throughout the European Union and seek admission to trading platforms without any further requirements. This means that issuers of crypto-assets that have published a White Paper are exempt from any additional requirements regarding the offer of those crypto-assets to the public or the admission of them to a trading platform for crypto-assets.