White papers
Subject to approval and entry into force of the draft MiCA and TFR implementation decree, the supervision of MiCAR in the Netherlands will be divided between the DNB and the AFM. The DNB will be responsible for Titles III and IV (ARTs and EMTs), except for ART and EMT white papers and related marketing communications. We will be responsible for the remainder of MiCAR, with the exception of certain prudential requirements, which are allocated to the DNB.
The Titles with regards to assed-referenced tokens (ARTs) and e-money tokens (EMTs) (Titles III and IV MiCAR) entered into force on 30 June 2024. The remaining Titles (save for the specific provisions identified in art. 149 MiCAR) will enter into force on 30 December 2024.
ART and EMT white paper submission
Entities that are required to submit a (modified) ART or EMT white paper to the Dutch competent authorities in accordance with MiCAR can do so by taking into account the prior notification periods outlined in Titles III and IV MiCAR and emailing the (modified) white paper to both the DNB and the AFM at the same time via crypto@afm.nl and crypto@dnb.nl.Other crypto-assets white paper submission
Entities that are required to submit a (modified) white paper for crypto-assets other than ARTs and EMTs to the Dutch competent authorities in accordance with MiCAR can do so by taking into account the prior notification periods outlined in Title II MiCAR and emailing the (modified) white paper to both the DNB and us at the same time via crypto@afm.nl and crypto@dnb.nl.Exceptions, transitional period and specific obligations for operators of trading venues
Please take note of the exceptions and transitional periods of article 143 MiCAR. In addition, operators of trading platforms should take note of the requirements stipulated in articles 5(2) and Article 143(2)(b) MiCAR.MiCAR requires operators of trading platforms to ensure that white papers in relation to crypto-assets other than asset-referenced tokens and e-money tokens that were admitted to trading before 30 December 2024 are drawn up, notified and published by 30 December 2027. MiCAR requirements in relation to white papers for crypto-assets other than ARTs and EMTs admitted to trading after 30 December 2024 are applicable without a transitional period.
For consumers and holders of crypto assets – where to find a white paper
ESMA’s register with the white papers under Article 109 MiCAR is expected to be in place by 2026. Until that time, white papers will be available on the issuers respective websites.Marketing communications
Marketing communications should, among others, be consistent with the relevant (modified) ART, EMT, or other crypto-asset white papers. Therefore, marketing communications referring to ARTs, EMTs, and other crypto-assets provided by CASPs under Titles II, III, IV, and V will require particular attention.