MiCA White Paper Tracker

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:

• Offerors
  
• Persons seeking admission to trading
• From 2028, operators of trading platforms for assets already admitted by 2024 (MiCA Article 143(2))

In some cases, white papers may also be drawn up by:

• Issuers
  
• Operators of trading platforms (in other cases not covered by MiCA Article 143(2))
• Other persons involved in the offering or admission process
  

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:

• Issuer name and entity
  
• Asset type: E-Money Tokens (EMTs), Asset-Referenced Tokens (ARTs), or Other Crypto-Assets (OTHs)
• Publication date of the white paper
  
• Previous white paper versions
  
• ESMA registration status
  
• Link to the official white paper or regulatory listing
  
• Tracker score (overall compliance and conformance performance under MiCA)
  

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:

• Version tracking: Each white paper is versioned to reflect updates and resubmissions for the same asset by the same author, a feature not offered in the ESMA MiCA registry.
• Completeness: While MiCA requires issuers to maintain all white paper versions on their own websites for at least 10 years with a warning and link to the latest version, many issuers do not maintain this history (Article 12, Regulation (EU) 2023/1114). Our White Paper Tracker preserves every version, ensuring historical continuity and full public visibility.
• Extended coverage: It includes additional white papers that are publicly accessible but not formally listed in the ESMA MiCA registry, broadening the dataset beyond the official register.
• Enhanced functionality: It introduces filters for asset type (EMT/ART/OTH), Utility Token (Yes/No), and ESMA submission status, along with pagination and improved UX for easier navigation.
• Data integrity: Broken or incorrect links from the ESMA register are corrected, and entries are cross-checked for consistency.
• Scoring methodology: Each white paper is evaluated through a transparent two-dimensional framework that measures compliance (whether required sections are present) and conformance (how well those sections meet the Regulatory Technical Standards). The combined results allow users to compare disclosure quality and overall MiCA alignment at a glance.

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:

1. Compliance – whether the required section or indicator is present.

   • Scored on a binary basis (1 = included, 0 = missing).
     
   • Reflects basic alignment with MiCA’s minimum disclosure requirements.

2. Conformance – how well the section adheres to formatting, structure, and content expectations.

   • Scored between 0 and 1, with deductions for missing or incomplete elements (typically 0.25 per deficiency).
     
   • Reflects the quality and completeness of disclosures beyond mere inclusion.

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.