According to Article 4(5) of MiCA, crypto-asset transfer services are exempt from requiring CASP authorization if they are linked to public offerings that qualify as exempt under Article 4(3) (with exceptions). However, the wording leaves room for interpretation as to whether it is mandatory for issuers to either be authorized or subcontract with a CASP for transfer services in the case of non-exempt public offerings. To provide greater legal certainty for the primary market, it would be helpful to clarify the following:

Can the issuer itself conduct a public offering of a crypto-asset other than asset-referenced tokens or e-money tokens, transferring the tokens directly from the issuance smart contract to a personal wallet, without being required to obtain CASP authorization or subcontract custody and transfer services under an authorized CASP, even if the offering does not fall under the exemptions of Article 4(3) as referenced in Article 4(5)?