Why you need a MiCAR whitepaper for your new token
A MiCAR Whitepaper is essential for any token issuer who wants to make their token more broadly available by accessing the European Union. However, we also see that cross-jurisdiction centralized exchanges such as Kraken and Coinbase are now adopting the MiCAR standard.
There are many facets that a token issuer has to take into account, when drafting the MiCAR Whitepaper document itself. First and foremost, the substance of the MiCAR Whitepaper needs to be "fair, clear, complete and not-misleading" as per the MiCAR (2023/1114), otherwise, you as a member of the management body of a token issuer can be held personally liable.
Second, your MiCAR Whitepaper needs to be drafted in a very specific markup-language called iXBRL. You can read more about this markup-language in a separate blogpost that we have written about this format, which is prevalent in financial reporting.
Third, you will have to disclose several sustainability indicators, for which data is extremely scarce, making it very hard to disclose this accurately. Our whitepaper drafting service luckily abstracts many of these problems for you, serving as a one-stop-shop for your MiCAR whitepaper needs.
Our drafting process
Our drafting process starts with providing you with access to our specialized MiCAR Whitepaper questionnaire, which abstracts all the conditional logic of the Implementing Technical Standards (2024/2984). During this process, we are constantly available for questions regarding the questionnaire, guiding you through it all step-by-step.
When all information is complete, we start drafting the MiCAR Whitepaper that will be submitted. We review the information you have provided, draft the MiCAR whitepaper and get back to you when we need additional information. Eventually, this leads to a finalized MiCAR Whitepaper that is ready for submission within 48 hours after receiving all needed information.
Aligning with your branding
"iXBRL takes the HTML standard that is used to power the world's web pages, and embeds extra "tags" into it that give meaning to the figures and statements in a format that can be understood by a computer."
As iXBRL takes many elements of HTML, it allows us some freedom in terms of design. At MiCAR Whitepapers Europe B.V., we ensure that the MiCAR Whitepaper adheres to your branding and styling. This way the MiCAR Whitepaper fits seamlessly with your website and broader branding strategy.
Ensuring regulatory accuracy
Our software ensures that the MiCAR whitepaper conforms to the ITS 2024/2984 and the 2025 taxonomy that the European Securities and Markets Authority (ESMA) developed for the purpose of drafting the MiCAR Whitepaper in iXBRL format. Also, we review each section for completeness, taking into regard the industry standard that has been developed. Additionally, for extra peace of mind we also offer a legal review of the MiCAR whitepaper by a Legal 500 firm, which assesses whether the MiCAR Whitepaper meets the MiCAR ethos of being "fair, clear, complete and not misleading".
Delivery and final review
After the MiCAR Whitepaper has been drafted and reviewed, we proceed with the final delivery. Besides the MiCAR Whitepaper drafting service, we also help with actually notifying the MiCAR Whitepaper to one of the national competent authorities (e.g., AFM, CBI, BaFIN). This way, we not only ensure that your MiCAR Whitepaper is drafted according to the regulations, but also submitted and registered with the ESMA. You can read more about that service on this page.
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