The Markets in Crypto Assets Regulation (MiCAR), which will have legal effect in the European Union as of June 30, 2024, requires that a whitepaper be prepared in the event of a public offering of e-money tokens or admission of e-money tokens to trading on a trading platform. In the first two parts of the series, we addressed the content requirements for a whitepaper in the case of an offering or admission of crypto assets other than asset-referenced tokens or e-money tokens, as well as asset-referenced tokens. In this part, we address the whitepaper requirements for e-money tokens. MiCAR defines an e-money token as a crypto asset that is intended to maintain value stability by reference to the value of an official currency. In this context, issuers of e-money tokens may in principle only be legal entities that are licensed as credit institutions or as e-money institutions.

Content Requirements for a MiCAR Whitepaper for E-Money Tokens

The content requirements for a whitepaper for e-money tokens have many similarities with the content requirements for the whitepaper for crypto assets and asset-referenced tokens supplemented by some unique features for e-money tokens. The whitepaper for e-money tokens must also contain information about the issuer. In particular, it must be evident from the whitepaper what the legal form and company ID of the issuer is and what its address is. In addition, issuers must provide information about their financial performance over the past three years in an e-money token whitepaper if the issuer has been in existence for that long. As mentioned above, only regulated companies licensed as credit institutions or as e-money institutions may issue e-money tokens. Accordingly, a whitepaper for e-money tokens must contain accurate information about the authorization as an issuer of the e-money token and the name of the competent authority that granted the authorization. In the event that the issuer also issues other crypto tokens or also performs activities related to crypto tokens, this must be clearly stated. Information about the e-money token must then be included, such as the token’s characteristics and precise details of any natural or legal persons involved in the token’s design and development. Specific information about the e-money token’s public offering or admission to trading must also be included. This information includes such things as the total number of tokens. In another section of the whitepaper, the rights and obligations associated with the e-money token must be described, as well as information about the technology underlying the tokens. A separate section must also present and explain the issuer-related and e-money token-related risks.

The Requirements Specified for E-Money Tokens by MiCAR Must be Addressed

The section on the rights and obligations associated with e-money tokens must include information on how the issuer ensures compliance with the requirements established by MiCAR for the issuance of e-money tokens. MiCAR stipulates that holders of e-money tokens are entitled to a claim against the issuer of the relevant e-money tokens. Upon demand by the holder of an e-money token, the issuer must repay the monetary value of the e-money token to the holder at any time and at par value. Accordingly, a detailed description of the right to redeem at par value and the procedure and conditions for exercising such rights must be included. As with asset-referenced tokens, a reorganization plan and a redemption plan must be established for e-money tokens. The redemption plan must document that the issuer of the e-money token is capable of redeeming the outstanding issued e-money token without causing undue economic harm to its holders. Accordingly, the whitepaper must include a description of the rights associated with the implementation of the reorganization plan and the redemption plan.

Rechtsanwalt Dr. Konrad Uhink



The lawyer responsible for providing advice on MiCAR whitepaper creation in our law firm is Attorney Dr. Konrad Uhink.