Frequently Asked Questions

What is the Markets in Crypto-Assets (MiCA) Regulation?

The EU’s Markets in Crypto-Assets (MiCA) Regulation (EU 2023/1114) is the European Union’s first comprehensive legal framework for crypto-assets. It establishes harmonised rules for the issuance, trading and custody of digital assets across all EU Member States. MiCA applies to asset-referenced tokens (ARTs), e-money tokens (EMTs) and crypto-asset service providers (CASPs) such as exchanges, trading platforms and custodians. Its goals are to improve legal certainty, enhance investor and consumer protection, promote innovation and ensure financial stability across the EU’s digital asset market.

Who needs to comply with MiCA?

MiCA applies to natural and legal persons in the EU that issue, offer to the public or seek admission to trading of crypto-assets and to crypto-asset service providers (CASPs) such as exchanges, trading platforms and custody providers.
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In scope:

Offerors of crypto-assets to the public in the EU.
Persons seeking admission to trading of a crypto-asset on a trading platform.
Issuers of ARTs and EMTs.
CASPs including operators of trading platforms and custody or administration services.

White paper responsibility:

Before a public offer or admission to trading of crypto-assets that are not ARTs or EMTs, a crypto-asset white paper must be drawn up, notified and published by the offeror or the person seeking admission.
For ARTs and EMTs, the issuer must draw up and notify a white paper.
Operators of trading platforms must ensure that, where a white paper is required, a compliant white paper has been drawn up, notified and published before admission.

Why is MiCA important for the crypto industry?

MiCA establishes a single, harmonised framework for crypto-assets across all EU Member States, replacing the patchwork of national regimes. It introduces clear rules for disclosure, conduct and governance, enabling CASPs to operate throughout the EU under a single authorisation passport.

By setting consistent standards for white papers, risk disclosure and consumer protection, MiCA aims to increase legal certainty, market integrity and investor confidence. Projects that fail to comply, for example by not publishing a MiCA-compliant white paper or by misrepresenting risks, may face regulatory enforcement, delistings or trading restrictions.

Compliance under MiCA builds trust, transparency and cross-border market access, strengthening the overall credibility and stability of Europe’s digital asset ecosystem.

When does MiCA apply?

MiCA is now fully in force across the European Union.

Since 30 June 2024, MiCA has applied to ARTs and EMTs.
Since 30 December 2024, MiCA’s rules have applied to all other crypto-assets, including utility tokens and CASPs

While MiCA is fully applicable, many Member States have adopted national transitional or “grandfathering” periods that allow existing CASPs to continue operating temporarily under prior national regimes while they apply for MiCA authorisation.

These national transition windows began on 30 December 2024, the date MiCA’s CASP regime took effect.
They vary between 6 months and 18 months, depending on each country’s implementing legislation.
- For example, Finland, Latvia, and the Netherlands set a 6-month period ending 30 June 2025;
- Germany, Ireland, and Spain adopted 12 months, ending 30 December 2025;
- France, Italy, and Luxembourg opted for 18 months, lasting until 30 June 2026.
After a country’s grandfathering period expires, MiCA compliance and authorisation become mandatory for continued operation.

What is a MiCA white paper?

A MiCA white paper (crypto-asset white paper) is the core disclosure document required before a public offer or admission to trading of a crypto-asset in the EU. Under MiCA, white-paper obligations apply to crypto-assets other than ARTs and EMTs (OTH), as well as to ARTs and EMTs. These are governed respectively under Title II (OTH), Title III (ARTs), and Title IV (EMTs) of the Regulation. For Title II assets, the content is set by Article 6 (with details in Annex I) and the format and templates by Implementing Regulation (EU) 2024/2984.

A MiCA white paper provides comprehensive information on:

The issuer or offeror and its legal identity
Rights, risks and governance linked to the crypto-asset
The underlying technology and safeguards for users
Sustainability disclosures, as specified in Delegated Regulation (EU) 2025/422, where applicable

Before any offer or admission to trading, the white paper must be notified to the competent authority (at least 20 working days before publication for OTH crypto-assets) and published on the offeror’s publicly accessible website in accordance with MiCA.

What is the MiCA Crypto Alliance?

The MiCA Crypto Alliance, founded by Exponential Science, helps organisations implement the EU’s Markets in Crypto-Assets (MiCA) Regulation through shared standards, technical tools and expert services.

Key offerings include:

MiCA-compliant white papers: drafting, reviews, audits and XBRL/iXBRL rendering in line with Implementing Regulation (EU) 2024/2984
Verified ESG datasheets: environmental reporting templates aligned with Article 60 and Delegated Regulation (EU) 2025/422
Advisory and collaboration tools: frameworks, templates, and scoring systems that improve disclosure quality and standardisation across the industry

Learn more about our work on the About and Services page.

Who can join the Alliance?

Membership is open to:

Layer-1 and Layer-2 networks
Token issuers and offerors
Crypto-asset service providers (CASPs), including exchanges, custodians and trading platforms
Law firms, consultancies and compliance partners supporting MiCA implementation

Learn more about the benefits on the Membership page.

What role does Exponential Science play in the Alliance?

Exponential Science is the founding organisation of the MiCA Crypto Alliance and provides the technical, legal, and research infrastructure that underpins its work. It ensures that the Alliance’s methodologies for MiCA compliance, including white paper templates, ESG disclosure frameworks and data-driven evaluation tools, remain scientifically robust, transparent and aligned with evolving EU policy and regulatory guidance.

How does the Alliance help with MiCA compliance?

The MiCA Crypto Alliance helps organisations meet MiCA requirements by standardising the production and evaluation of white papers and ESG disclosures across projects. Through shared templates, metrics and scoring methodologies, the Alliance improves comparability, transparency and reporting quality, helping members and market participants achieve efficient and verifiable MiCA compliance.

Frequently Asked Questions

Join the MiCA Crypto Alliance