MICA White Paper Requirements – iXBRL Format 

Submission of White papers must now meet the updated MICA White paper requirements which now includes compliance with the new machine-readable standards. PDF only submissions will no longer meet regulatory requirements. Under the EU’s Markets in Crypto Assets Regulation various disclosure rules apply, and this includes the format of the whitepaper it. As part of the broader MiCA regulation framework, the format is moving towards structured, machine-readable reporting. Given the importance of this requirement, this article navigates through this new reporting requirement. 

What Is a MiCA White Paper? MiCA, officially Regulation (EU) 2023/1114, provides a uniform framework for the public offering of crypto-assets and their listing on trading platforms including:  

• Crypto assets other than asset-referenced tokens and e-money tokens (OTHR), 

•  Asset-referenced tokens (ART) and  

• E-money tokens (EMT).  

One of the requirements for the relevant stakeholders is to draw up a crypto asset white paper.  

When is a MiCA White Paper Required? 

A MiCA white paper is required before the public offering of certain crypto assets or their admission to trading on a trading platform within the European Economic Area. The obligation applies to issuers of OTHR, ART and EMT tokens, subject to the conditions set out in Regulation EU 2023/1114. 

The white paper must be prepared and made available in accordance with the regulatory framework before the relevant crypto asset is offered to the public or admitted to trading, unless a specific exemption applies under the Regulation. 

MiCA White Paper Disclosure Requirements 

Content of the whitepaper is defined through the Implementing Technical Standard (EU) 2024/2984 which describes the forms, formats and templates for each type of crypto asset white paper. Such standard also sets expectations on clarity and completeness. It requires the information to be non-discriminatory, fair, clear and not misleading, presented in a concise and comprehensible form, and not to omit material information.  

That standard also sets expectations on clarity and completeness. It requires the information to be non-discriminatory, fair, clear and not misleading, presented in a concise and comprehensible form, and not to omit material information. 

MiCA White Paper Format Requirements 

XHTML Format and Inline XBRL  

Under the Implementing Technical Standard, crypto-asset white papers must be prepared using Inline XBRL (iXBRL) specifications, with the final iXBRL instance submitted as a single XHTML file. While a traditional PDF workflow and a well-crafted narrative document, as required by MiCA, remain useful for drafting purposes, the completed white paper must fully comply with the XHTML and iXBRL requirements established in the technical standard. 

Choosing the Right Taxonomy Elements for Each Disclosure 

A common challenge in iXBRL reporting is selecting the correct taxonomy elements to tag each disclosure. ESMA’s manual, notes that element names and standard labels may not exactly align with the field names used in the Implementing Technical Standard templates. To support preparers, each reportable element includes a concise label that follows the ordering from the Implementing Technical Standard, making it easier to identify the correct element for tagging.  

For issuers and crypto asset service providers supporting issuers, the work is not only writing disclosures but mapping them correctly to the taxonomy. 

Technical Compliance Requirements Under MiCA 

All persons drawing up crypto-asset white papers are required to ensure that their submissions comply with the technical requirements set out by MiCA, including: 

• the use of XHTML format with embedded Inline XBRL tags; 

• the application of the ESMA-published MiCA taxonomy; and 

• the use of standardised templates as outlined in the Regulation 

Practical Implications of the XHTML and iXBRL Requirement 

The transition from PDF based disclosure to XHTML with embedded Inline XBRL tagging reflects a broader regulatory shift towards structured and machine-readable reporting across financial markets within the European Union. 

Under MiCA, the white paper is no longer solely a narrative disclosure document. It must also function as a structured dataset that can be analysed electronically by competent authorities and other stakeholders. The use of XHTML combined with Inline XBRL enables supervisory authorities to review disclosures more efficiently, compare information across issuers, and identify inconsistencies or omissions more readily. 

For issuers, this introduces an operational layer to white paper preparation. The drafting process must now consider not only the substance of disclosures but also how those disclosures will be mapped to the relevant taxonomy elements. Decisions made during drafting may affect how information is tagged and presented in the final XHTML file. 

This requirement may necessitate coordination between legal advisers, compliance professionals, and technical providers capable of producing Inline XBRL compliant outputs. While the regulatory obligation is defined in the Implementing Technical Standard, the practical implementation involves both regulatory interpretation and technical execution. 

Failure to comply with the required format may result in delays in the offering process or requests for resubmission by the relevant authority. As such, format compliance should be addressed at an early stage of preparation rather than treated as a final technical step. 

How A2CO can Support MiCA White Paper Preparation 

A2CO supports businesses preparing for MiCA compliance by helping bridge legal and regulatory requirements with practical delivery. This typically includes: 

• Scoping the white paper requirements based on crypto asset type and intended offer or admission to trading 

• Supporting the drafting process with a focus on clarity, completeness, and consistency 

• Alignment of the white paper with the appropriate taxonomy elements and XHTML structure. 

If you are preparing a MiCA compliant white paper and want support navigating the iXBRL and taxonomy requirements, you can speak to our team.