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MiCA requires a white paper when a crypto-asset is offered to the public or admitted to trading. The obligation applies to offerors, persons seeking admission to trading, and trading platforms, and must include detailed disclosures about the issuer where it is different from those parties. Our White Paper Tracker evaluates these documents against a transparent methodology derived from Commission Implementing Regulation 2024/2984, identifying where projects meet, exceed, or fall short of the standard.
The White Paper Tracker supports the shift to ESMA’s XBRL-based, machine-readable format for MiCA white papers by displaying iXBRL versions when available.
Scores are assigned in accordance with the MiCA Crypto Alliance White Paper Scoring Methodology, which evaluates compliance readiness with MiCA Titles II, III, and IV and related Regulatory Technical Standards (RTS) of MiCA. If your project’s white paper scored low, we can help you improve it.
The MiCA Crypto Alliance White Paper Tracker is a public database of crypto-asset white papers published under the EU’s Markets in Crypto-Assets Regulation (MiCA). It evaluates disclosure quality and alignment with MiCA’s Titles II, III, and IV, using a transparent scoring methodology. It is maintained and regularly updated by the MiCA Crypto Alliance.
Under MiCA, a white paper is required whenever a crypto-asset is offered to the public or admitted to trading on a platform. The white paper must be prepared by:
In some cases, white papers may also be drawn up by:
A single entity may fall under multiple categories simultaneously.
Any project foundation or lab, token issuer, or crypto-asset service provider (CASP) that publishes a MiCA white paper may appear in the Tracker. Only publicly available documents are reviewed and scored.
The Tracker includes:
This structure allows users to compare projects consistently across MiCA’s disclosure categories.
No. The MiCA White Paper Tracker and its scoring framework are independently maintained by the MiCA Crypto Alliance, an industry-led initiative promoting transparency and regulatory alignment under MiCA. While our scoring is aligned with MiCA’s legal framework, it is not an official regulatory tool.
The MiCA Crypto Alliance White Paper Tracker builds upon the interim MiCA register published by ESMA but introduces key improvements for accuracy, transparency, and usability:
These upgrades make the MiCA Crypto Alliance White Paper Tracker a more comprehensive and user-friendly resource for assessing MiCA white papers and monitoring market readiness.
Each white paper is evaluated using the MiCA Crypto Alliance White Paper Scoring Methodology, derived from the second set of MiCA Regulatory Technical Standards (RTS) for MiCA white papers by ESMA.
The methodology applies two analytical dimensions to every RTS indicator:
Each indicator’s score contributes to the overall percentage score of the white paper. Optional indicators do not penalise issuers if omitted but increase the total score if addressed, encouraging stronger alignment with best practices.
The resulting evaluation allows comparison of compliance (presence) and conformance (quality) across white papers published under MiCA Titles II–IV and their implementing and delegated acts.
The White Paper Tracker is continuously updated as new white papers are published or made available by national regulators and issuers. Updates may include new listings, version changes, or data corrections. Each entry includes a “Last updated” date indicating the most recent revision to that record.
A high score indicates strong MiCA compliance readiness and disclosure quality. A low score suggests missing sections, weak sustainability reporting, incorrect formatting or misalignment with the RTS.
Yes. Contact the MiCA Crypto Alliance team to request an evaluation or resubmission after updates. Projects can also engage the MiCA Crypto Alliance directly to improve their white papers through audit, review, or drafting services.
Projects can improve their scores by addressing disclosure gaps, strengthening ESG reporting, and clarifying risk, governance, and liability sections. The MiCA Crypto Alliance offers expert support to review, audit, and update white papers for higher compliance alignment.
Yes. If a MiCA white paper is published in iXBRL, the Tracker will display the iXBRL version. ESMA has already released the MiCA XBRL taxonomy, which defines the machine-readability requirements that MiCA white paper preparers must follow when producing XBRL/iXBRL white papers.