Chapter 1First things first
This guide summarises Regulation (EU) 2023/1114 (MiCA) in general terms. It is not legal advice. Before issuing, consult a specialised lawyer. You are the issuer and responsible for complying with the rules that apply to your offer.
Chapter 2Is your token within MiCA?
MiCA covers crypto-assets that are not financial instruments. If your token represents shares, debt or another financial instrument, other far stricter rules apply (MiFID II, prospectus). A token giving economic rights over a business, without being a share or debt, may fall within MiCA. It is analysed case by case.
Chapter 3Main obligations
- Be a legal entity to offer crypto-assets to the public in the EU.
- A white paper with the information MiCA requires: issuer, project, token rights, risks and technology.
- Notify it to your country’s competent authority (in Spain, the CNMV) before publishing, within the regulation’s deadlines.
- Marketing communications that are clear, consistent with the white paper and identified as advertising.
- A 14-day right of withdrawal for retail investors buying directly from the issuer.
- Liability for the white paper’s information.
Chapter 4Usual exemptions
The white paper is not required, among other cases, if the offer targets fewer than 150 people per Member State, does not exceed €1,000,000 over 12 months or only targets qualified investors. Even so, publishing the information with the same rigour is wise; on Krows you upload it in step 9, Documents.
Chapter 5What Krows does and does not do
Krows gives you the tool to create your startup, your investment page, the integration and the contracts. It is not the issuer, does not market your offer and does not review your white paper for you. See founder terms.
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