The rule.
Where a crypto-asset white paper is required, nothing that markets the offer goes out before the white paper is published.
What it requires.
- Where a crypto-asset white paper is required, nothing that markets the offer goes out before the white paper is published.
- The provision states that it does not affect the ability to conduct market soundings.
Who it applies to.
Offerors and persons seeking admission to trading of a crypto-asset other than an asset-referenced token or an e-money token, where a white paper is required.
Common violations in marketing copy.
Whitelist opens Friday — secure your allocation now.
A call to take part in an offer before the white paper is published is marketing before publication.
Paid ads with the token ticker and an allocation form, two weeks before publication
Promotion of the offer itself, not a sounding.
Non-compliant vs compliant.
“Presale spots are going fast — reserve yours before the white paper drops.”
“The white paper is published at [website]. The offer opens on [date]; terms are in section [X].”
Related rules.
-
Article 7(1)(a) · European Union
-
Article 7(1)(b) · European Union
-
Article 7(1)(c) · European Union
-
Article 7(1)(d) · European Union
-
Article 7(1)(e) · European Union
-
Article 29(1) · European Union
-
Markets in Crypto-Assets Regulation (EU) 2023/1114.
Source.
| Instrument | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) |
|---|---|
| Provision | Article 7(2) |
| Primary source | https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-7-marketing-communications |
| 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.