Token Issuance
Issuing a token is not only a technical decision – it is also an important legal one. Since the MiCA Regulation entered into force, every entity planning to issue tokens in the European Union must answer a question with real consequences: what type of token are you issuing? The answer determines what regulatory obligations apply to you and whether you can carry out the issuance at all.
What types of tokens does MiCA distinguish?
MiCA divides tokens into three main categories, each subject to different requirements:
- Asset-Referenced Tokens (ART) – tokens referencing the value of several assets (for example a basket of currencies or commodities). Issuing them requires authorisation from the supervisory authority and meeting strict capital and organisational requirements.
- E-Money Tokens (EMT) – tokens referencing the value of a single fiat currency (for example EUR). Their issuance is reserved exclusively for credit institutions and electronic money institutions.
- Other crypto-assets – including utility tokens and other tokens not classified as ART or EMT. The requirements are lower here, but still include the obligation to prepare and publish a MiCA-compliant whitepaper.
What must you do before the issuance?
Ideally, the first step is legal advice, which makes it easier to classify the token correctly – a wrong determination of its nature may result in the need to withdraw the issuance or in sanctions from the supervisory authority. Then, depending on the category, you must prepare a whitepaper containing all the elements required by MiCA and, for ARTs, submit an application for authorisation. Marketing materials are a separate matter and are also regulated – they must comply with MiCA, be consistent with the content of the whitepaper and must not mislead potential buyers.
How do we help?
We start with a legal analysis of the planned project and classification of the token – the foundation without which every later step may prove wrong. Next, we help prepare the documentation required by MiCA, including the whitepaper and marketing materials, and for tokens requiring authorisation we guide you through the whole process of obtaining it. We also advise on the legal structure of the issuance and the choice of jurisdiction if you are considering carrying out the issuance outside Poland.
Result: a token issuance carried out in line with MiCA requirements, with a correctly classified token, complete documentation and certainty that the project will not attract intervention from supervisory authorities.
