Procedures for notifying white papers and other documents relating to an offer to the public or an admission to trading of crypto-assets other than asset-referenced tokens or electronic money tokens

rue du Congrès 12 -14 1000 Bru ssels / www.fsma.be FSMA_2026_02 of 29/01/2026 Procedures for notifying white papers and other documents relating to an offer to the public or an admission to trading of crypto -assets other than asset - referenced tokens or electronic money tokens Scope: This Communication is addressed to offerors of crypto-assets other than asset-referenced tokens or electronic money tokens, to persons seeking admission to trading of such crypto-assets or to operators of trading platforms that are required to notify their white paper to the FSMA. Where an offer to the public of a crypto-asset other than an asset-referenced token or an electronic money token is exempt from the obligation to publish a crypto-asset white paper under Article 4(2)- (3) of Regulation 2023/1114, but a white paper is nevertheless drawn up voluntarily, this Communication also applies. The provisions of this Communication apply primarily where the FSMA is the competent authority within the meaning of Article 3(1)(35) of Regulation 2023/1114 and Belgium is the home Member State concerned within the meaning of Article 3(1)(33) of Regulation 2023/1114. Summary/Objectives: The purpose of this Communication is to describe the procedures for notifying white papers and other documents relating to an offer to the public or an admission to trading of crypto-assets other than asset-referenced tokens or electronic money tokens. Structure: After describing the legal framework (point 1), the Communication specifies the procedures for notifying the white paper (point 2), marketing communications (point 3), modifications to the white paper or marketing communications (point 4), and information in the event of an offer of crypto-assets in a limited network (point 5). Communication

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1. L egal Framework Under Article 3 of the Law of 11 December 2025 implementing Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849, the FSMA is the competent authority for the application of, and the supervision of compliance with, the provisions of Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (hereinafter, “Regulation 2023/1114”).
2. Notification of the white paper Pursuant to Article 8 of Regulation 2023/1114, offerors of crypto-assets other than asset-referenced tokens or e-money tokens, persons seeking admission to trading of such crypto-assets or operators of trading platforms falling within the scope shall notify their crypto-asset white paper to the FSMA. The white paper shall be made available in a machine-readable format. The FSMA refers in this regard to the implementing technical standards1 adopted in accordance with the provisions of Article 6(11) of Regulation 2023/1114. The notification of the white paper shall be accompanied by: i. an explanation2 of the reasons why the crypto-asset described in the white paper should not be considered as: a) a crypto-asset excluded from the scope of Regulation 2023/1114 pursuant to Article 2(4); b) an electronic money token, or c) an asset-referenced token; ii. where applicable, a list of the host Member States in which they intend to offer their crypto-assets to the public or to seek admission to trading; iii. the starting date of the intended public offering or intended admission to trading, and any change to that date; iv. the data specified in Delegated Regulation 2025/4213 , provided in accordance with the provisions set out in Article 1 of said Delegated Regulation; and 1 See Commission Implementing Regulation (EU) 2024/2984 of 29 November 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to forms, formats and templates for the crypto-asset white papers. 2 Drawn up in PDF format in accordance with the template referred to in the Guidelines of EBA, EIOPA and ESMA of 10 December 2024 on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of Regulation (EU) 2023/111 (JC 2024 28). 3 These data are those set out in the Annex to Commission Delegated Regulation (EU) 2025/421 of 16 December 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council

3/4 / FSMA_2026_02 of 29/01/2026 / FSMA v. an Excel form prepared in accordance with the template shown in annex 1 to this Communication. The above-mentioned elements shall all be notified at least 20 working days before the date of publication of the crypto-asset white paper. The notification is to be made by email to the following address: whitepaper.mica@fsma.be. The white paper must contain all the information listed in Article 6 and Annex I of Regulation 2023/1114. In accordance with the provisions of Article 6(9) of Regulation 2023/1114, the white paper must be drawn up in French, Dutch, German or English. Where the crypto-asset is also offered in a Member State other than Belgium, the crypto-asset white paper is also to be drawn up in an official language of the host Member State, or in English. Finally, the FSMA recalls that offerors and persons seeking admission to trading of the crypto-assets other than asset-referenced tokens or electronic money tokens concerned are required to publish their white papers on their websites. Such websites must be publicly accessible, at a reasonable time in advance of, and in any event before the starting date of, the offer to the public of those crypto￾assets or the admission to trading of those crypto-assets. The crypto-asset white papers are to remain available on the websites of the offerors or persons seeking admission to trading for as long as the crypto-assets are held by the public. 3. Marketing Communications Pursuant to Article 8(2) of Regulation 2023/1114, the FSMA may, as competent authority of the home Member State or as competent authority of the host Member State, request notification of marketing communications when the latter are addressed to prospective holders of crypto-assets other than asset-referenced tokens or e-money tokens. The FSMA shall, if applicable, formulate these requests on an ad hoc basis. The marketing communications in question must be notified at the following address: whitepaper.mica@fsma.be. Marketing communications must, like white papers, be published on the websites of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or electronic money tokens. Marketing communications must also remain available on these websites for as long as the crypto-assets are held by the public. The FSMA recalls that, in accordance with Article 7(2) of Regulation 2023/1114, no marketing communication may be disseminated prior to the publication of the crypto-asset white paper. with regard to regulatory technical standards specifying the data necessary for the classification of crypto￾asset white papers and the practical arrangements to ensure that such data is machine-readable.

4/4 / FSMA_2026_02 of 29/01/2026 / FSMA 4. Modification of white papers or of marketing communications Pursuant to Article 12 of Regulation 2023/1114, offerors, persons seeking admission to trading or operators of a trading platform for crypto-assets other than asset-referenced tokens or electronic money tokens are to modify their published crypto-asset white papers and, where applicable, their published marketing communications, whenever there is a significant new factor, material mistake or material inaccuracy that is capable of affecting the assessment of the crypto-assets. That requirement applies for the duration of the offer to the public or for as long as the crypto-asset is admitted to trading. Modified crypto-asset white papers and, where applicable, modified marketing communications, as well as the intended publication date, must be notified to the FSMA, including the reasons for such modification, at least seven working days before their publication. Notification of all the aforementioned elements is to be carried out by email to the following address: whitepaper.mica@fsma.be. On the date of publication, or earlier if required by the FSMA, the offeror, the person seeking admission to trading or the operator of the trading platform must immediately inform the public on its website of the notification of a modified crypto-asset white paper to the FSMA and must provide a summary of the reasons for which it has notified a modified crypto-asset white paper. Offerors, persons seeking admission to trading or operators of trading platforms shall then publish the modified crypto-asset white par and, where applicable, the modified marketing communications, including the reasons for such modification, on their website, in accordance with Article 9 of Regulation 2023/1114. 5. Notification for crypto -asset offers in a limited network Pursuant to Article 4(3)(1)(d) of Regulation 2023/1114, Title II of that Regulation does not apply to offers of crypto-assets other than asset-referenced tokens or electronic money tokens whose holder has the right to use it only in exchange for goods and services in a limited network of merchants with contractual arrangements with the offeror. Where, for each 12-month period starting from the beginning of the initial offer to the public, the total consideration of such an offer in the European Union exceeds EUR 1,000,000, the offeror must send a notification to the FSMA containing a description of the offer and explaining why the offer is exempt from Title II of Regulation 2023/1114. The notification is to be sent to the FSMA at the following address: whitepaper.mica@fsma.be. Based on that notification, the FSMA will make a duly justified decision where it considers that the activity does not qualify for an exemption as a limited network under Article 4(3)(1)(d) of Regulation 2023/1114. Annex: FSMA_2026_02-01 / Excel form