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Public offerings and admission to trading of crypto-assets, and delayed disclosure of inside information: below is some useful information for submitting to the AMF the notifications required by the European Regulation on Markets in Crypto-Assets (MiCA).
The following information applies to public offerings of crypto-assets other than asset-referenced tokens and e-money tokens, as well as applications for admission to trading of such crypto-assets, referred to in Article L. 552-1 of the French Monetary and Financial Code and governed by Title II of the MiCA Regulation. It does not apply to public offerings or applications for admission to trading of asset-referenced crypto-assets governed by Title III of the MiCA Regulation, or to public offerings or applications for admission to trading of e-money tokens governed by Title IV of the MiCA Regulation.
If the offeror or person seeking admission to trading has its registered office in France, this information is submitted to the AMF, which is thus designated as the competent authority within the meaning of Article 3 of the MiCA Regulation. The AMF may also be chosen as the competent authority if the offeror or person has its registered office in a third-country outside the European Union (if it has a branch in France or, if it has no branch in the European Union, if the first public offering or application for admission is made in France).
Offerors of crypto-assets other than asset-referenced tokens or e-money tokens, persons seeking admission to trading or operators of trading platforms must notify the AMF of a white paper.
The white paper must be drawn up in French or English. If the crypto-asset is also offered in a Member State other than France, the white paper for the crypto-asset must also be written in an official language of that Member State or in English.
Notification of the white paper must be accompanied by:
The AMF must be notified of all this information at least 20 working days before the date of publication of the white paper, by email to the following address: depotMICA [at] amf-france.org (mica-livreblanc[at]amf-france[dot]org).
Any modifications to the crypto-asset white paper and the marketing communications referred to in Article 12 of the MiCA Regulation must be notified to the AMF at least 7 working days before thein publication, by email to the following address: depotMICA [at] amf-france.org (mica-livreblanc[at]amf-france[dot]org).
The notification should contain the following information:
Exemption for limited networks
Under Article 4 (1) point d) of the MiCA Regulation, Title II of the Regulation does not apply to public offerings of a crypto-asset whose holder has the right to use it only in exchange for goods and services in a limited network of merchants with contractual arrangements with the offeror.
Where, for each 12-month period starting from the beginning of the initial public offering, the total consideration of such a public offering in the European Union exceeds €1,000,000, the offeror must send a notification to the AMF containing a description of the offering and explaining why the offering is exempt from Title II of the MiCA Regulation.
This notification shall be sent to the AMF by email to the following address: reseaulimitemica [at] amf-france.org (reseaulimiteMICA[at]amf-france[dot]org).
When an issuer, an offeror or person seeking admission to trading of a crypto-asset subject to the provisions of the MiCA Regulation has delayed the disclosure of inside information under the conditions set out in Article 88 of the MiCA Regulation, it shall inform the AMF immediately after the public disclosure of this information, by email to the following address: differepublicationMICA [at] amf-france.org (differepubMICA[at]amf-france[dot]org).
Pursuant to I of Article L. 621-5-3 of the French Monetary and Financial Code, a fixed fee is payable to the Autorité des marchés financiers for notification of the white paper. The fee is set as €3,000.
The AMF instruction DOC-2025-01 set out the procedures for notifying documents relating to a public offer or admission to trading of a crypto-asset.
Public offerings and admission to trading of crypto-assets: procedures for notifying the AMF from the entry into application of the MICA regulation – Autorité des Marchés Financiers (AMF)
