Pursuant to the regulatory acts governing the activities of market participants, a market participant is obliged to disclose information to its users within a specified timeframe, adhering to the established procedure and extent.
Information published on the website of the market participant must be easily accessible, user-friendly, understandable, and prepared in accordance with the requirements established in the regulatory acts.
| EMTs | e-money tokens |
| ARTs | asset-referenced tokens |
| CASPs | crypto-asset service providers |
More about classification of crypto-assets within the MiCA framework
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Information to be made public |
Basis |
Place of publication |
Timeframe of publication |
Market participant subject to the requirement |
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Publish the marketing communications containing all information specified in Article 7 of MiCA |
Website |
Not specified |
Issuers of crypto-assets (excluding EMTs and ARTs) |
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Publish the white paper |
Website |
At a reasonable time in advance of, and in any event before the starting date of, the offer to the public of crypto-assets or the admission to trading of crypto-assets |
Issuers of crypto-assets (excluding EMTs and ARTs) |
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Inform of the result of the offer to the public |
Website |
Within 20 working days of the end of the subscription period |
Issuers of crypto-assets (excluding EMTs and ARTs) |
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Offerors that do not set a time limit on their offer to the public of crypto-assets publish the number of units of the crypto-assets in circulation |
Website |
At least monthly. When the offer to the public has no time limit, the offeror complies with Article 10(3) of MiCA until the right of withdrawal of the retail holder pursuant to Article 13 has expired |
Issuers of crypto-assets (excluding EMTs and ARTs) |
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In case of modifications to the white paper, immediately inform the public of the notification of a modified crypto-asset white paper with the competent authority of its home Member State and provide a summary of the reasons for modifications |
Website |
Immediately |
Issuers of crypto-assets (excluding EMTs and ARTs) |
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Publish the modified crypto-asset white paper and, where applicable, the modified marketing communications, including the reasons for such modification |
Website |
Not specified |
Issuers of crypto-assets (excluding EMTs and ARTs) |
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Information to be made public |
Basis |
Place of publication |
Timeframe of publication |
Market participant subject to the requirement |
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Publish the crypto-asset white paper and its modifications |
Website |
By the starting date of the offer to the public of the ART or the admission to trading of that ART |
Issuers of ARTs |
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Publish the marketing communications complying with the requirements referred to in Article 29 of MiCA |
Website |
Marketing communications are not disseminated prior to the publication of the white paper |
Issuers of ARTs |
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Disclose the amount of ARTs in circulation and the value and composition of the reserve of assets referred to in Article 36 of MiCA |
Website |
Monthly |
Issuers of ARTs |
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Publish a summary of the audit report, as well as the full and unredacted audit report, in relation to the reserve of assets referred to in Article 36 of MiCA |
Website |
As soon as possible |
Issuers of ARTs |
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Disclose any event that has or is likely to have a significant effect on the value of the ARTs or on the reserve of assets referred to in Article 36 of MiCA |
Website |
As soon as possible |
Issuers of ARTs |
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Publish complaints-handling procedures and a sample complaint form, make available a template for filing complaints |
Website |
Not specified |
Issuers of ARTs |
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Communicate the outcome of handling complaints to the clients |
Not specified |
Within a reasonable period |
Issuers of ARTs |
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Disclose the general nature and sources of conflicts of interest referred to in Article 32(1) of MiCA and the steps taken to mitigate them |
Website |
Not specified |
Issuers of ARTs |
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Publish the results of independent audits of the reserve of assets |
Website |
Within two weeks of the date of notification of the results to the competent authority |
Issuers of ARTs |
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Information to be made public |
Basis |
Place of publication |
Timeframe of publication |
Market participant subject to the requirement |
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Publish the crypto-asset white paper and its modifications |
Website |
Before offering the EMT to the public in the Union or seeking an admission to trading of the EMT |
Issuers of EMTs |
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Publish the marketing communications containing all information specified in Article 53 of MiCA |
Website |
Marketing communications are not disseminated prior to the publication of the crypto-asset white paper |
Issuers of EMTs |
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Information to be made public |
Basis |
Place of publication |
Timeframe of publication |
Market participant subject to the requirement |
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Inform clients of the risks and provide them with hyperlinks to any crypto-asset white papers for the crypto-assets in relation to which the CASPs are providing those services |
Not specified |
Before the transaction |
CASPs |
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Make their policies on pricing, costs, and fees publicly available |
In a prominent place on the website |
Not specified |
CASPs |
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Make publicly available information related to the principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to issue each crypto-asset in relation to which the CASPs provide services |
In a prominent place on the website |
Not specified |
CASPs |
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Disclose to the public the insurance policy referred to in Article 67(4) of MiCA |
Website |
Not specified |
CASPs |
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Inform clients of the records of the crypto-asset services, activities, orders, and transactions undertaken by them |
Not specified |
Upon request |
CASPs |
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Inform clients of the payment services provided and their aspects referred to in Article 70(4) of MiCA |
In the agreement |
Not specified |
CASPs |
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Publish complaints-handling procedures and a sample complaint form |
Website |
Not specified |
CASPs |
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Inform clients of the possibility of filing a complaint, make available to clients a template for filing complaints |
Website |
Not specified |
CASPs |
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Communicate the outcome of the investigations of complaints |
Not specified |
Within a reasonable period |
CASPs |
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Disclose to clients the general nature and sources of conflicts of interest referred to in Article 72(1) of MiCA and the steps taken to mitigate them |
In a prominent place on the website |
Not specified |
CASPs |
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Set out the data protection standards |
In the agreement |
Not specified |
CASPs |
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Define their rights and obligations and those of the third parties to which the CASPs are outsourcing services or activities |
In the agreement |
Not specified |
CASPs |
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Include in the agreement information to be provided in a standard agreement pursuant to Article 75(1) of MiCA |
In the agreement |
Not specified |
CASPs providing services of custody and administration of crypto-assets on behalf of clients |
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Provide a summary of the crypto-asset custody policy |
In an electronic format |
Upon request |
CASPs providing services of custody and administration of crypto-assets on behalf of clients |
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Provide a statement of position of the crypto-assets of clients recorded in the name of those clients |
In an electronic format |
At least once every three months and at the request of the client concerned |
CASPs providing services of custody and administration of crypto-assets on behalf of clients |
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Provide clients with any information about operations on crypto-assets that require a response from those clients |
Not specified |
As soon as possible |
CASPs providing services of custody and administration of crypto-assets on behalf of clients |
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Inform clients if other service providers are used for crypto-asset custody |
Not specified |
Not specified |
CASPs providing services of custody and administration of crypto-assets on behalf of clients |
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Obtain consent from the client in case a platform engages in matched principal trading |
Not specified |
Not specified |
CASPs operating a trading platform for crypto-assets |
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Make public any bid and ask prices and the depth of trading interests at those prices which are advertised for crypto-assets through their trading platforms That information is made available free of charge 15 minutes after publication in a machine-readable format and it remains published for at least two years |
Not specified |
Make that information available to the public on a continuous basis |
CASPs operating a trading platform for crypto-assets |
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Make public the price, volume, and time of the transactions executed in respect of crypto-assets traded on the trading platforms of CASPs That information is made available free of charge 15 minutes after publication in a machine-readable format and it remains published for at least two years |
Not specified |
As close to real time as is technically possible |
CASPs operating a trading platform for crypto-assets |
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Publish a firm price of the crypto-assets or a method for determining the price of the crypto-assets that the CASPs propose to exchange for funds or other crypto-assets, and any applicable limit determined by the CASP on the amount to be exchanged |
Not specified |
Not specified |
CASPs exchanging crypto-assets for funds or other crypto-assets |
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Inform clients of the conditions for their order to be deemed final |
Not specified |
Not specified |
CASPs exchanging crypto-assets for funds or other crypto-assets |
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Publish information about the transactions concluded by the CASPs, such as transaction volumes and prices |
Not specified |
Not specified |
CASPs exchanging crypto-assets for funds or other crypto-assets |
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Provide appropriate and clear information to clients on the order execution policy referred to in Article 78(2) of MiCA and any significant change thereto |
In the agreement |
Not specified |
CASPs executing orders for crypto-assets on behalf of clients |
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Demonstrate to clients, at their request, that the CASP has executed its orders in accordance with its order execution policy |
Not specified |
Upon request |
CASPs executing orders for crypto-assets on behalf of clients |
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Inform clients that their orders might be executed outside a trading platform and obtain consent |
Either in the form of a general agreement or with respect to individual transactions |
Before clients proceed to execute their orders outside a trading platform |
CASPs executing orders for crypto-assets on behalf of clients |
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Notify clients with whom the CASPs have an ongoing client relationship of any material changes to their order execution arrangements or order execution policy |
Not specified |
Not specified |
CASPs executing orders for crypto-assets on behalf of clients |
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Communicate to the offeror, to the person seeking admission to trading, or to any third party acting on their behalf all the information referred to in Article 79(1) of MiCA and obtain their agreement |
Not specified |
Before entering into an agreement |
CASPs placing crypto-assets |
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Inform prospective clients whether the advice is:
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Not specified |
Before providing advice |
CASPs providing advice on crypto-assets or providing portfolio management of crypto-assets |
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Provide prospective clients with information on all costs and related charges, including the cost of advice, where applicable, the cost of crypto-assets recommended or marketed to the client, and how the client is permitted to pay for the crypto-assets, also encompassing any third-party payments |
Not specified |
Not specified |
CASPs providing advice on crypto-assets or providing portfolio management of crypto-assets |
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Clearly disclose to the client the existence, nature, and amount of the payment or benefit referred to in Article 81(4) of MiCA or, where the amount cannot be ascertained, the method of calculating that amount, in a manner that is comprehensive, accurate and understandable |
Not specified |
Prior to the provision of the relevant crypto-asset service |
CASPs providing advice on crypto-assets or providing portfolio management of crypto-assets |
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Warn clients or prospective clients of the risks referred to in Article 81(9) of MiCA |
Not specified |
Not specified |
CASPs providing advice on crypto-assets or providing portfolio management of crypto-assets |
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Provide clients with a report on suitability specifying the advice given and how that advice meets the preferences, objectives, and other characteristics of clients, including the minimum information referred to in Article 81(13) of MiCA |
In an electronic format |
Not specified |
CASPs providing advice on crypto-assets or providing portfolio management of crypto-assets |
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Provide periodic statements to clients of the portfolio management activities carried out on their behalf |
In an electronic format |
Every three months, except in cases where a client has access to an online system where valuations of the client's portfolio and updated information can be accessed, and where there is evidence that the client has accessed a valuation at least once during the relevant quarter |
CASPs providing advice on crypto-assets or providing portfolio management of crypto-assets |
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Conclude an agreement with their clients to specify their duties and their responsibilities and include the information referred to in Article 82(1) of MiCA |
In the agreement |
Not specified |
CASPs providing transfer services for crypto-assets on behalf of clients |
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Inform clients of inside information referred to in Article 87 of MiCA that directly concerns them. Do not combine this information with the marketing communications |
Website |
Post and maintain on the website, for a period of at least five years, all inside information that they are required to disclose publicly |
Issuers, offerors, and persons seeking admission to trading |