Study on MiCA Whitepaper Data Formats
MiCA introduces rules to enhance transparency and comparability of white papers and ensure that investors in crypto assets are informed about their characteristics and risks.
In line with ESMA practices for selecting formats for data requirements, an independent study was carried out to assess the appropriate machine-readable format for the MiCA white papers and other similar textual disclosures. The study conducted market research to identify relevant data formats and use cases within similar regulatory authorities and public service organizations. This initial phase led to the identification of six technical data formats deemed relevant for text-based disclosures. These data formats were assessed using an evaluation framework.
Based on the results of the suitability evaluation, the independent study recommends adopting Inline XBRL (iXBRL) for the disclosure of MiCA white papers and for other similar text-based disclosures in scope of ESAP. iXBRL offers a seamless combination of machine and human-readability, with the flexibility of handling unstructured and qualitative information. On this basis, ESMA has mandated iXBRL as the technical format for the standardised white paper templates.
Next steps: the use of XBRL requires the development of a taxonomy. The elements of the taxonomy for the white papers should be exclusively the fields included in the standardised templates that are defined in the ESMA technical standards that are published in the second Final Report. The taxonomy for the use of XBRL is accessed in the form of XBRL files (‘XBRL taxonomy files’), which provide a structured representation of the fields to be reported.
ESMA is developing the taxonomy and will make it available to the public as soon as possible following the adoption of the draft technical standards To facilitate compliance with the format requirements, ESMA intends to publish on its website an editable template to support issuers/offeror and CASPs by mid-2025.
To enable persons drawing up the whitepapers to adapt to the format requirements, including the adaptation to the XBRL taxonomy files, the ESMA technical standard allows for 12 months lead time following its date of entry into force. In the meantime, persons drawing up the white papers should publish the relevant white papers including the disclosure items envisaged in Annexes I, II and III of MiCA on their websites in separate dedicated sections titled “white papers” .