Mariana Sarmiento

The European Securities and Markets Authority (ESMA) issued a new statement on MiCA data standards, including the technical format for MiCA white papers in XHTML with Inline XBRL from 23 December 2025. Alongside this, @ESMAComms has released an Excel-based conversion tool to help generate iXBRL white papers. A critical detail in ESMA’s statement: 🔹 the tool itself has not been validated 🔹 ESMA accepts no responsibility for its use and states that its outputs require independent validation 🔹 any errors in the output are entirely the issuer’s or CASP’s fault In other words, you can use ESMA’s tool and still end up with a non-compliant white paper that regulators will treat as your mistake. Our team reviewed the new version of ESMA’s conversion tool against the feedback we previously provided in our report “Feedback on ESMA’s MiCA XBRL Implementation Work” 👉micacryptoalliance.com/repor… While some recommendations have been implemented, several structural, formatting, and validation issues remain. These can result in incorrect or rejected filings even when the workflow is followed precisely, which underlines that preparers remain fully responsible for the accuracy and compliance of their XBRL submissions. ESMA also makes it clearer that LEIs for legal-entity clients and DTIs for crypto-assets are expected as mandatory identifiers. Earlier guidance in CIR 2024/2984 suggested these should be provided “where available” and even allowed alternative national identifiers, but CDR 2025/421 requires identifiers that meet strict criteria of uniqueness, neutrality, and open governance, which in practice only the LEI and DTI satisfy. ESMA’s new statement aligns with this stricter interpretation: 📌 LEIs and DTIs must be used 📌 If a DTI does not exist, the CASP must request its creation 📌 This adds time to every white paper, especially for first-time issuers This can delay projects even further without support from a specialised provider. Given these risks, relying on a conversion tool without independent validation, or not having LEI and DTI identifiers, can create avoidable compliance issues. The MiCA Crypto Alliance supports: ✅ MiCA-compliant white paper drafting ✅ XBRL and iXBRL conversion ✅ LEI and DTI integration into the process If you need assurance that your MiCA white papers will meet regulatory expectations, our team is ready to assist. #MiCA #EURegulation #CryptoAssets #CryptoCompliance #CASPs

🤝 The MiCA Crypto Alliance and the @UKCBT_org have submitted a joint response to the @TheFCA’s Consultation Paper CP25/25 on the application of the FCA Handbook to regulated crypto-asset activities. The response was endorsed, with further contribution from Alliance members the @Cardano_CF and @Cointegrity. Our contribution focuses on three priority areas for firms preparing for @FSMA_info authorisation: • Governance and conduct: the need for independent oversight mechanisms and clearer standards for automated and algorithmic trading, including alignment with MiFID II RTS 6. • Operational resilience: recognising quantum transition risks and incorporating cryptographic-agility assessments and scenario exercises into resilience planning. • ESG Sourcebook: applying ESG requirements on a proportionate basis and using transparent sustainability methodologies already established under MiCA. 🖇️ Download the joint response: micacryptoalliance.com/repor… 📖 Read the full announcement: micacryptoalliance.com/news/…

📣 ICYMI: The MiCA Crypto Alliance website has been fully updated, with new content, structure, and tools to make MiCA compliance easier to navigate. Here’s what’s new: ℹ️ About page – Discover how the Alliance connects policy, research, and compliance through transparent, data-driven collaboration. ⚙️ Services page – Clear overview of our white paper, ESG, and XBRL/iXBRL services for issuers, offerors, CASPs, L1s/L2s, law firms, banks, and exchanges. 📚 Publications page – Now organised into dedicated sections for White Papers, ESG Datasheets, Reports, and Methodologies. 🔍 White Paper Tracker – Expanded and refined. Our enhanced version of the ESMA register now includes: • White papers published but not submitted to NCAs • Version tracking that records white papers removed from ESMA’s datasets or replaced by newer versions, a feature not available anywhere else. • Scoring for over 150 documents • Improved UX, ordering, and filtering • Locally stored copies for long-term accessibility Explore the new site: 🔗 micacryptoalliance.com

🚀 MiCA White Paper Tracker V2 is now live The MiCA Crypto Alliance has launched Version 2 of the MiCA White Paper Tracker, a public database that tracks and compares #cryptoasset white papers under the EU’s Markets in Crypto-Assets (MiCA) Regulation. Our MiCA registry analyses publicly available white papers to assess disclosure quality and compliance readiness across the #crypto industry. ✨ What’s new in V2 • Version tracking for all white papers submitted to the #ESMA registry for the same asset and author • Expanded dataset – 144 white papers scored (up from 39) • Inclusion of publicly available white papers not yet listed in the ESMA registry • Improved UX with filters by asset type (EMT, ART, OTH), author, utility #token status, and ESMA submission status MiCA’s white paper requirements mark a foundational step toward harmonised disclosure standards across the EU. By building upon the ESMA registry with added functionality, our MiCA registry enhances transparency and preserves a complete version history of each document. Check your project’s score, and if your #MiCA white paper scored low or you’d like to improve it, our team can help. 🔍 Explore the White Paper Tracker: micacryptoalliance.com/white… 📖 Read the full announcement: micacryptoalliance.com/news/…