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MiCA Recital (43) — preamble

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MiCA Recital (43) — preamble (43) Offers to the public of asset-referenced tokens in the Union or seeking admission to trading of such crypto-assets should be permitted only where the competent authority has authorised the issuer of such crypto-assets to do so and has approved the relevant crypto-asset white paper.

The authorisation requirement should however not apply where the asset-referenced tokens are addressed solely to qualified investors or where the offer to the public of the assetreferenced tokens is below EUR 5 000 000.

In those cases, the issuer of the asset-referenced tokens should still be required to draw up a crypto-asset white paper to inform buyers about the characteristics and risks of the assetreferenced tokens and should also be required to notify the crypto-asset white paper to the competent authority before its publication.

32023R1114

docs_evidence/eu-legislation/eurlex-full-text/20260823T093000Z/32023R1114.pdf · sha256 32c6d21e712dbb719a9a6b2d39e85133f3059d9e02d8d9ce70d35332bd568b8b · saved and fingerprinted 20260823T093000Z · Recital (43); PDF page 6; derived-text line 385

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