Offer to the public and application for admission to trading of asset-referenced tokens (ARTs)
The activity is reserved to credit institutions or persons holding an authorisation under Article 21 MiCAR.
Licensed credit institutions
Credit institutions are not required to undergo a separate authorisation procedure to publicly offer an asset-referenced token or apply for its admission to trading.
An asset-referenced token issued by a credit institution may be offered to the public or admitted to trading in accordance with Article 17 MiCAR if:
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a crypto-asset white paper has been drawn up, submitted to the FMA, and approved by the FMA, and
- the credit institution notifies the FMA at least 90 working days before issuing the asset-referenced token for the first time, by providing it with the information specified in Article 17(1)(b).
The content and form of the crypto-assets white paper for asset-referenced tokens are governed by Article 19 MiCAR.
Other legal persons or undertakings
Legal persons or other undertakings that intend to offer to the public or seek the admission to trading of an asset-referenced token must submit an application for authorisation to the FMA in accordance with Article 18 MiCAR. The content of the application is set out in Article 18(2) MiCAR and also includes a crypto-asset white paper.
Application form
Both credit institutions and other legal persons must use the FMA application form to submit the required information and their application for authorisation. The application form can be requested at the following email address: fintech[at]fma-li.li.
Modification of published crypto-asset white papers
Pursuant to Article 25 MiCAR, issuers of asset-referenced tokens shall notify the FMA of any intended change of their business model likely to have a significant influence on the purchase decision of any (prospective) holders of asset-referenced tokens, which occurs after the authorisation pursuant to Article 21 MiCAR or, in the case of credit institutions, after the approval of the crypto-asset white paper pursuant to Article 17 MiCAR.