MiCA Crypto Alliance Releases MiCA-Compliant White Paper for Billion Dollar Cat (BILLY)

The MiCA Crypto Alliance is pleased to announce the release of the BILLY MiCA White Paper, prepared for Billion Dollar Cat, a Bitcoin Rune–based token project, in compliance with Regulation (EU) 2023/1114. The white paper was submitted to Kraken in August 2025 under Irish jurisdiction and is now listed in the ESMA white paper registry.

This milestone marks an early application of Bitcoin Rune infrastructure in a MiCA white paper submission, demonstrating the Alliance’s ability to support Rune-based assets, a growing class of Bitcoin-native token innovation.

Key Highlights from the White Paper

• BILLY is a community-driven memecoin issued under the Bitcoin Runes Protocol, etched in Bitcoin block 845764 on May 30, 2024.
• Classified as an “other crypto-asset” under MiCA Title II, as it is not an asset-referenced or e-money token. BILLY is further categorised as a non-utility crypto-asset under Article 3 of the regulation.
• The token has a fixed total supply of one billion units, indivisible and fully minted through a capped process of 40 000 mints (25 000 BILLY per mint).
• No premine was conducted, and zero percent of supply was reserved for founders or related parties. The minting process is complete, and no further issuance is possible.
• Trading may occur peer-to-peer or on platforms supporting Bitcoin Ordinals and Runes, with this MiCA white paper submitted to Kraken for admission to trading.
• The document includes all required MiCA disclosures: issuer information, risk factors, and sustainability indicators, in full compliance with MiCA.

Read the full white paper here: https://www.micacryptoalliance.com/reports/billy-mica-white-paper

About Bitcoin Runes

Bitcoin Runes is a protocol that enables fungible tokens to be issued directly on Bitcoin. It relies on the UTXO model and uses OP_RETURN to embed token metadata, rather than depending on the Ordinals inscription method or an account-based overlay.

Because of this design, Runes tend to produce a more compact and cleaner on-chain state (fewer redundant UTXOs), which may improve efficiency and traceability for token records. This architecture allows assets like BILLY to exist natively on Bitcoin with full on-chain audibility, without requiring external indexing layers.

Regulatory Context for Rune-Based Assets

From a regulatory perspective, Runes introduce parameters for token creation, supply control, and transaction metadata that issuers should define explicitly in MiCA white papers. The BILLY white paper addresses these elements in line with Articles 6 and 67 of Regulation (EU) 2023/1114, aligning tokenomics, issuance rules, and governance disclosures with MiCA’s requirements.

It also incorporates standardized sustainability data derived from the Alliance’s MiCA Methodologies for Standardised Sustainability Reporting, developed in accordance with Commission Delegated Regulation (EU) 2025/422.

White Paper Support

The MiCA Crypto Alliance helps projects across all major blockchain ecosystems meet EU MiCA requirements efficiently and transparently. Our experts combine legal, technical, and sustainability knowledge to deliver fully compliant white papers and standardised disclosure templates for issuers, exchanges, and infrastructure providers.

For inquiries or collaboration opportunities, email contact@micacryptoalliance.com