Markets in Crypto-Assets Regulation (MiCA) 

Who must comply?

• Credit, e-money and other institutions issuing Asset-Referenced Tokens (ARTs) Electronic Money Tokens (EMTs)
• Crypto-Asset Service Providers (CASPs) servicing issuers of ARTs and EMTs

What do i need to report?

Issuing institutions – Templates S1-5, S9 and S10 

Institutions issuing ARTs and EMTs where the value of the tokens is more than €100m, or where Competent Authority of a relevant jurisdiction requires it, have to complete and submit various templates made available by the European Banking Authority (EBA) on a quarterly basis to the relevant Competent Authority.  

These templates are available as part of the EBA’s Reporting Framework and must be reported in XBRL-CSV format.  

The templates capture information such as the number of holders, the value of the token issued, size of reserve of assets, maturity, transactions per day etc. 

White papers 

Separate to the above, issuers of Crypto-assets must publish a white paper before offering the crypto-assets to the public or admitting them to trading. This is a regulated investor information document with prescribed content which must be done once only. This document must be in Inline XBRL format; thus, both human and computer readable. It must be electronically marked up using the MiCA White Papers taxonomy issued by the European Securities and Markets Authority (ESMA). 

Crypto-Asset Service Providers (CASPs) – Templates S6, S7, S8 

CASPs must provide issuers with information on the holders of the tokens, the transactions that have taken place and information on any tokens they hold on behalf of investors. Again, these templates are the responsibility of the EBA. S6 and S7 can be submitted to issuers quarterly. Template S08.00 – “Token held by CASP” must be submitted to issuers daily. These reports do not need to be in XBRL format. This information is necessary to issuers to carry out their own reporting (see above). 

Where should the report be published?

Template-based reports, under the EBA Framework must be submitted by issuers (or CASPs representing them) to the Competent Authority of the home Member State of the issuer. The legal responsibility for this submission remains with the issuer.  

Crypto-asset white papers (in Inline XBRL format) must be published on the issuer’s website. The regulation requires that the white papers are publicly available, easily accessible and free of charged. They must be available as long as the crypto-asset is publicly offered or traded. Before publication, the Competent Authority must be notified, and the white paper must be shared with them (but not approval is required).

What do you need to make a Crypto-Asset Service Provider (CASP) MiCA report? 

These reports are required in XBRL-CSV format. Typically, the preparer will fill-in the templates provided by the EBA in Microsoft Excel format. Automation may be used from the issuer’s or CASPs systems to do this more efficiently. Once the templates are complete, the documents can be converted to XBRL-CSV using specialist software. The software will also apply the necessary validations to ensure conformance with the standard and rules. 

What do you need to make a MiCA iXBRL White Paper? 

iXBRL is a document format for digital reporting. iXBRL reports can be viewed in any web browser and also include computer-readable information in the form of iXBRL tags that identify and define the meaning of the tagged numbers or text.

Typically, the production of an iXBRL report will start by creating the report in Word, InDesign or as a PDF. Once the document is ready it will need to be converted into the required format (iXBRL) using specialist software. Then, iXBRL tags are added in a process known as “tagging”. Once validation against the MiCA filing rules, it is ready to submit.

CoreFiling have partnered with several companies to offer outsourced and self-service options for meeting your CASP and white paper obligations.