Notification procedures for white papers and other documents relating to a public offer or admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens

rue du Congrès 12-14 1000 Brussels / www.fsma.be FSMA_2026_02 of 29-01-26 Notification procedures for white papers and other documents relating to a public offer or admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens

Scope:
This communication is addressed to offerors of crypto-assets other than asset-referenced tokens or e-money tokens, to persons requesting their admission to trading, or to trading platform operators who must notify their white paper to the FSMA.
Where a public offer of a crypto-asset other than an asset-referenced token or an e-money token is not subject to the obligation to publish a white paper under Article 4, paragraphs 2 or 3 of Regulation 2023/1114, but a crypto-asset white paper is nevertheless drafted voluntarily, this communication also applies. The procedures of this communication apply primarily when the FSMA is the "competent authority" within the meaning of Article 3, paragraph 1, point 35) of Regulation 2023/1114 and Belgium is the "home Member State" within the meaning of Article 3, paragraph 1, point 33) of Regulation 2023/1114.

Summary/Objectives:
The objective of this communication is to describe the notification procedures for white papers and other documents relating to a public offer or admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens.

Structure:
After describing the legal framework (point 1), the communication specifies the notification procedures for 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 within a limited network (point 5).

Communication

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1. Legal Framework
   Pursuant to Article 3 of the Law of 11 December 2025 on the implementation of 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 and 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. White Paper Notification
   In accordance with Article 8 of Regulation 2023/1114, offerors of crypto-assets other than asset-referenced tokens or e-money tokens, persons requesting their admission to trading, or trading platform operators falling within the scope, must notify their white paper to the FSMA. The white paper must be established in a machine-readable format. The FSMA refers in this regard to the implementing technical standards 1, adopted in application of the provisions of Article 6, paragraph 11 of Regulation 2023/1114. The white paper notification must be accompanied by:
   i. An explanation 2 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 by virtue of Article 2, paragraph 4; b) An e-money token; or c) An asset-referenced token;
   ii. A list of the host Member States, where applicable, in which they intend to offer their crypto-assets to the public or request admission to trading;
   iii. The start date of the envisaged public offer or envisaged admission to trading and any modification to that date;
   iv. The data included in Delegated Regulation 2025/421 3 established in accordance with the detailed provisions in Article 1 of the said Delegated Regulation; and
   1 See Commission Implementing Regulation (EU) 2024/2984 of 29 November 2024 laying down, for the purposes of Regulation (EU) 2023/1114 of the European Parliament and of the Council, implementing technical standards establishing forms, formats and templates for crypto-asset white papers. 2 Established in PDF format in accordance with the template in the EBA, EIOPA and ESMA Guidelines of 10 December 2024 on templates for explanations and opinions, and on the standardised test for the classification of crypto-assets, within the meaning of Article 97, paragraph 1, of Regulation (EU) 2023/111 (JC 2024 28). 3 This data is that specified 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 with

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v. An Excel form established in accordance with the template in Annex 1 of this communication.
The notification of all the elements mentioned above must be made at least 20 working days before the publication date of the crypto-asset white paper. This notification is made by email to the following address: whitepaper.mica@fsma.be.
The white paper must contain all the information included in Article 6 and Annex I of Regulation 2023/1114.
In accordance with the provisions of Article 6, paragraph 9 of Regulation 2023/1114, the white paper must be drafted in French, Dutch, German or English. If the crypto-asset is also offered in another Member State, the crypto-asset white paper must also be drafted in an official language of the host Member State or in English. Finally, the FSMA reminds that offerors and persons requesting admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens must publish their white papers on their website. This website must be accessible to the public within a reasonable time before the public offer or admission to trading of the crypto-assets, and in any event before the start date of the said offer or said admission to trading. White papers must remain available on this website as long as the crypto-assets are held by the public.

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3. Marketing Communications
Pursuant to Article 8, paragraph 2 of Regulation 2023/1114, the FSMA may, as the competent authority of the home Member State or as the competent authority of the host Member State, request the notification of marketing communications when they are intended for potential holders of crypto-assets other than asset-referenced tokens or e-money tokens. Such requests will, where applicable, be made on an ad hoc basis by the FSMA. The marketing communications concerned must be notified to whitepaper.mica@fsma.be. Like white papers, marketing communications must also be published on the website of offerors and persons requesting admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens. Marketing communications must also remain available on this website as long as the crypto-assets are held by the public. The FSMA reminds that no marketing communication may be disseminated before the publication of the white paper, in application of Article 7, paragraph 2 of Regulation 2023/1114. regulatory technical standards specifying the data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data are machine-readable.

4. Modifications to the White Paper or Marketing Communications
   Pursuant to Article 12 of Regulation 2023/1114, offerors, persons requesting admission to trading, or operators of a trading platform for crypto-assets other than asset-referenced tokens or e-money tokens must amend their published crypto-asset white paper and, where applicable, their published marketing communications, whenever there is a significant new fact, a material error, or a material inaccuracy that is likely to affect the assessment of the crypto-assets. This requirement applies for the duration of the public offer or as long as the crypto-asset is admitted to trading. Any modified crypto-asset white paper and, where applicable, any modified marketing communication, as well as the planned publication date, must be notified to the FSMA, stating the reasons for such modification, at least 7 working days before their publication. The notification of all the aforementioned elements is made by email to the following address: whitepaper.mica@fsma.be. On the date of publication, or earlier if the FSMA so requires, the offeror, the person requesting admission to trading, or the trading platform operator must immediately inform the public on their website of the notification of a modified crypto-asset white paper to the FSMA and provide a summary of the reasons for having notified a modified white paper. Offerors, persons requesting admission to trading, or platform operators then publish the modified white paper and, where applicable, the modified marketing communications, stating the reasons for such modification, on their website, in accordance with Article 9 of Regulation 2023/1114.

5. Notification for Offers of Crypto-Assets within a Limited Network
   Pursuant to Article 4, paragraph 3, first subparagraph, point (d) of Regulation 2023/1114, Title II of the Regulation does not apply to public offers of crypto-assets other than asset-referenced tokens or e-money tokens where the holder is only entitled to use the crypto-asset in exchange for goods and services within a limited network of merchants having contractual agreements with the offeror. Where, for each 12-month period from the start of the initial public offer, the total amount of such an offer in the Union exceeds EUR 1,000,000, the offeror must notify the FSMA with a description of the offer explaining why the offer is not covered by Title II of Regulation 2023/1114. This notification is addressed to the FSMA at the following address: whitepaper.mica@fsma.be. Based on this notification, the FSMA will take a duly reasoned decision when it considers that the activity cannot benefit from an exclusion as a limited network under Article 4, paragraph 3, first subparagraph, point (d) of Regulation 2023/1114.
   Annex: FSMA_2026_02-01 / Annex 1: Excel Form