In cases where crypto-assets do not meet the criteria for either Asset-Referenced Tokens or Electronic Money Tokens, MiCAR introduces specific provisions aimed at ensuring transparency and accountability. These regulations focus on obligations for those offering these crypto-assets and firms seeking their admission to trading.

Here's what you need to know:

You don't have to follow all these rules if your offer falls into certain categories:

• Offering to fewer than 150 people per EU country.
• The total value of your offer is under EUR 1,000,000 in 12 months.
• Offering exclusively to qualified investors.

MiCAR doesn't apply if your crypto-asset:

• Is given away for free.
• Is automatically generated as a reward.
• Is a utility token for existing goods or services.
• Can only be used with specific merchants in a limited network.
• Free offers shouldn't involve exchanging personal data or fees.

The exemptions won't work if you express an intention to list your asset on a trading platform.

You don't need special authorization for custody and administration or transfers of exempted crypto-assets, unless:

• There's another offer of the same asset without exemptions.
• Your asset is listed on a trading platform.

If your crypto-asset represents access to future goods or services, your public offer can't last more than 12 months.

If you make more offers of the same asset, they're treated as separate public offers and must follow the rules. However, you don't need a new WP if you've already published one and agreed to its reuse in writing.

The rules apply if you voluntarily create a WP even though you’re exempt.

• Crypto-Asset White Paper must provide clear info about the crypto-asset and its project.
• It can't mislead or hide important details.
• It should say it hasn't been approved by any authority.
• It can't predict the crypto-asset's future value, except for one statement.

• It must say the crypto-asset:

✓ Can lose value.
✓ Might not always be easy to move.
✓ Could lack buyers (not liquid).
✓ For utility tokens, may not always be exchanged for promised goods/services if the project fails.
✓ Isn't covered by investor compensation or deposit guarantees.

• The offeror's management must confirm the WP is honest and follows the rules.
• A summary should explain key points in plain language and warn it's just an intro.
• Include the date and a table of contents.
• Write it in the official language of the home country or a common finance language. In other countries, use their official languages or common finance languages.
• Make it easy for computers to read.
• Regulators will make templates for computer-readable WPs.
• Regulators will create rules about environmental impact info. These rules will look at how the crypto works, its energy use, waste, and more. They'll update these rules as needed.

White Papers must give clear, honest info in an easy-to-read format. They also need to follow some special rules about predicting value and talking about environmental impact.

You, as someone dealing with crypto-assets (except certain types), must inform your home country's authority about your crypto-asset plan.

If you're expanding to operate in other countries, you should inform both your home country and the host country's authorities.

No prior approval of your documents is required by the authorities before you can make them public.

When you notify them about your plan, you should explain why it's not one of these:

• A special type of crypto-asset.
• Something like e-money.
• A token linked to assets.

Ensure you let your home country's authority know at least 20 days before your plan goes public.
You must also specify which other countries you plan to work in and when you intend to start. If this changes, you have to inform your home country's authority, and they, in turn, notify the authorities in other countries.

Your home country's authority will inform ESMA within five days.
ESMA makes your plan available in the register by the time it starts in the market.

If you, as an offeror, someone seeking admission to trading, or a trading platform operator, provide incomplete, unfair, unclear, or misleading information in your crypto-asset white paper (or in any changes to it), you and your team members responsible for decision-making can be held responsible for any losses suffered by crypto-asset holders due to these inaccuracies.

Any attempts to exclude or limit this civil liability in contracts will not be legally valid.

If a trading platform operator prepares the crypto-asset white paper and marketing communications as per Article 5(3), and the person seeking admission to trading provides incomplete, unfair, unclear, or misleading information to the operator, they share responsibility.

Crypto-asset holders must provide evidence that you, as an offeror, someone seeking admission to trading, or a trading platform operator, provided inaccurate, incomplete, unfair, unclear, or misleading information, influencing their decision to buy, sell, or exchange the crypto-asset.

You and your team members won't be held responsible for losses related to reliance on the summary mentioned in Article 6(7), unless:

• The summary contradicts or misrepresents other parts of the crypto-asset white paper, or
• The summary, when considered alongside the rest of the crypto-asset white paper, doesn't provide key information that would help prospective crypto-asset holders make an informed decision.