This legal post outlines the specific requirements for the content and format of a crypto-asset white paper, as specified in Article 16(2) point (i) of MiCA. In addition to complying with the requirements set forth in Article 4, the crypto-asset white paper for asset-referenced tokens must include detailed information regarding governance arrangements, reserve assets, custody arrangements, investment policy, rights of token holders, liquidity mechanisms, complaint handling procedures, and specific disclosure items as specified in Annexes I and II. The article also addresses the provision of a summary and the need for the white paper to be dated, available in specific languages and in machine-readable formats.
Article 1: Content of the Crypto-Asset White Paper
1.1 Detailed Description of Governance Arrangements
The crypto-asset white paper shall provide a comprehensive description of the issuer’s governance arrangements, including the roles, responsibilities, and accountability of third-party entities mentioned in Article 30(5), point (h).
1.2 Detailed Description of Reserve Assets
A detailed description of the reserve assets referred to in Article 32 shall be included in the crypto-asset white paper.
1.3. Detailed Description of Custody Arrangements
The crypto-asset white paper shall outline the custody arrangements for the reserve assets, including the segregation of assets as required by Article 33.
1.4 Investment Policy for Reserve Assets
In cases where the reserve assets are invested, as stated in Article 34, the crypto-asset white paper must prove a detailed description of the investment policy governing those reserve assets.
1.5 Rights of Token Holders
Comprehensive information regarding the nature, enforceability and any direct redemption rights or claims held by asset-referenced token holders and relevant legal or natural persons referred to in Article 35(3) against the reserve assets or the issuer shall be included in the white paper. Furthermore, the document should address the treatment of these rights insolvency procedures.
1.6 Mechanism Ensuring Liquidity
In situations where the issuer does not offer direct rights on the reserve assets, the crypto-asset white paper shall contain detailed information about mechanism mentioned in Article 35(4) that ensure the liquidity of the asset-referenced tokens.
1.7 Complaint Handling Procedure
A comprehensive description of the complaint handling procedure to in Article 27 shall be included in the crypto-asset white paper.
1.8 Disclosure Items
The white paper shall incorporate all the disclosure items specified in Annexes I and II.
1.9 Clear Statement of Claims and Redemption Rights
If no direct claim or redemption rights are granted to all asset-referenced token holders, the crypto-asset white paper must contain a clear and unambiguous statement indicating that all holders of the crypto-assets do not possess a claim on the reserve assets or the ability to redeem those assets with the issuer at any time.
Article 2: Summary of the Crypto-Asset White Paper
2.1 Summary Requirements
The crypto-asset white paper shall include a summary that presents key information about the offer to the public of asset-referenced or the intended admission of such tokens to trading on a crypto-asset trading platform. This summary should use non-technical language and provide an overview of the essential elements of the asset-referenced tokens.
2.2 Format and Content of the Summary
The format and content of the summary, in conjunction with the crypto-asset white paper, should provide potential purchasers of asset-referenced tokens with appropriate and essential information to make informed decisions. The summary shall include a warning, stating that it serves as introduction to the white paper and that any decision to purchase asset-referenced token.