---
title: "Whitepaper (MiCA)"
url: "https://www.unknowngravity.com/en/glosario/whitepaper-mica"
site: Unknown Gravity
published: "2026-09-21T11:55:12+00:00"
modified: "2026-09-21T11:55:14+00:00"
language: en-US
description: "Under MiCA, the whitepaper stopped being the marketing PDF of the ICO era: it is a regulated document with mandatory content that the issuer must notify to the supervisor before offering a…"
section: "Home > Whitepaper (MiCA)"
---

# Whitepaper (MiCA)

GLOSSARY · BLOCKCHAIN & WEB3

What the crypto-asset white paper is under MiCA: mandatory content, notification to the supervisor and the issuer's liability.

WHAT IS IT? · FOR DUMMIES

Under MiCA, the **whitepaper** stopped being the marketing PDF of the ICO era: it is a regulated document with mandatory content that the issuer must notify to the supervisor before offering a crypto-asset to the public in the EU — and for which it is legally liable.

WHAT IS IT? · PRO

The MiCA crypto-asset white paper requires information on the issuer, the project, the rights and obligations of the token, the underlying technology and the risks — in clear language and without claims about future value that cannot be substantiated. It is notified to the competent authority (in Spain, depending on the crypto-asset, the CNMV or the Bank of Spain) and marketing communications must be consistent with its content — the direct link with the [crypto advertising rules](/en/articulos/crypto-advertising-rules-spain).

The usual boundary applies here too: if the token is a financial instrument, no MiCA whitepaper will do — the document is the securities-market [prospectus](/en/glosario/folleto-informativo). Classify first, document later: the [classifier](/en/clasificador-mica-mifid) resolves the doubt in a minute.

## 01 / Key points

- Mandatory MiCA document to offer crypto-assets in the EU
- Prescribed content: issuer, project, rights, technology, risks
- Notified to the supervisor; the issuer is liable for its content
- If the token is a security, what applies is a prospectus, not a whitepaper

## 02 / Advantages

- Consistent, enforceable information for the buyer
- Notification, not prior approval: an agile process
- Disciplines advertising: marketing must be consistent

## 03 / Disadvantages

- Legal liability for omissions or false statements
- Not a prospectus: less protection than in securities
- Real drafting work that many projects underestimate

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).