The rule.
“warn clients of the risks associated with transactions in crypto-assets”
Verbatim extract, read on 4 November 2026 from the source below. Everything else on this page is NorthPoint’s plain-English reading.
What it requires.
- Clients are warned of the risks associated with transactions in crypto-assets.
- Providers that operate a trading platform, exchange crypto-assets for funds or other crypto-assets, give advice or manage portfolios give clients hyperlinks to the white papers of the crypto-assets concerned.
Who it applies to.
Crypto-asset service providers. The white-paper hyperlink duty applies to those operating a trading platform, exchanging crypto-assets, giving advice on crypto-assets or providing portfolio management.
Common violations in marketing copy.
Sign up → deposit → buy in three taps, with no risk text anywhere in the flow
The client reaches a transaction without the risk warning the provision requires.
A token page with chart, buy button and price — no white-paper link
For a trading platform or exchange service, the hyperlink to the white paper is part of the duty.
Non-compliant vs compliant.
“Buy [Token] in seconds. No fuss.”
“Crypto-assets are volatile and you can lose all of the money you put in. Read the [Token] white paper → before you buy.”
Related rules.
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Article 66(2) · European Union
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Article 66(4) · European Union
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Article 66(5) · European Union
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Article 6(5) · European Union
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EU and UK side by side.
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Markets in Crypto-Assets Regulation (EU) 2023/1114.
Source.
| Instrument | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) |
|---|---|
| Provision | Article 66(3) |
| Primary source | https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-66-obligation-act-honestly-fairly |
| Official text | https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng |
| Read from | ESMA Interactive Single Rulebook, one page per article (ESMA's own publication of the MiCA text) |
| Checked |
This page is general, sourced information for marketing teams, not legal advice. The examples are written by NorthPoint to illustrate the rule; for a binding view on your own promotion, retain qualified counsel in the jurisdiction concerned.