Issuers of Other Crypto Assets (OCAs)

Under the Markets in Crypto-Assets Regulation (MiCA), Other Crypto-Assets (OCAs) refer to all digital assets that do not qualify as Electronic Money Tokens (EMTs) or Asset-Referenced Tokens (ARTs). These assets fall within MiCA’s general framework but do not purport to maintain stable value by referencing fiat currencies or other assets. Instead, they derive value from market dynamics and user demand.

MiCA defines an OCA broadly as a digital representation of value or rights which may be transferred and stored electronically using distributed ledger technology (DLT), and that is not otherwise covered by the existing EU financial services legislation

Other Crypto Assets (OCAs) Distinctive Features and Characteristics

• Decentralisation: OCAs are typically not issued by central entities and may be created through decentralised protocols (e.g., Ethereum, Solana-based tokens).
  
  
• Volatility: Unlike EMTs or ARTs, OCAs are subject to higher price fluctuations due to market speculation and supply/demand.
  
  
• Utility and Governance: Many OCAs serve functional roles such as granting access to services, participating in governance (DAOs), or powering decentralised applications (dApps).
  
  
• Limited Claims: OCAs do not provide redemption rights or claims against reserve assets, which distinguishes them clearly from stablecoins.

Regulatory Framework for OCA Issuers

Overview of MiCA regulation relevant to OCAs

Under the Markets in Crypto-Assets Regulation (MiCA), issuers of Other Crypto-Assets (OCAs) are subject to a tailored but robust regulatory framework. While OCAs are not considered stablecoins, MiCA ensures that public offerings and admissions to trading of such assets meet baseline regulatory standards to protect consumers and maintain market integrity.

The regulation applies specifically to issuers who offer OCAs to the public within the EU or seek their admission on a trading platform. However, it exempts certain cases such as non-transferable assets, small-scale offerings (below €1 million), and OCAs offered free of charge (unless bundled with other paid services).

Notification obligations and white paper requirements

Issuers of OCAs must notify the competent authority of their home Member State before the offering or listing of the crypto-asset. This notification must be accompanied by a crypto-asset white paper, which should comply with MiCA’s content and format requirements.

The white paper must include:

• A clear description of the crypto-asset and its functionalities
  
• Information about the issuer, the project roadmap, and the underlying technology
  
• The rights and obligations attached to the asset
  
• Risk disclosures (e.g., technical, legal, market-related)
  
• Terms of the offering and details on the distribution method
  

Unlike ARTs and EMTs, no prior approval of the white paper is required; however, the competent authority may suspend the offering if the white paper is found to be misleading, incomplete, or non-compliant.

Transparency, disclosure, and operational standards

MiCA imposes transparency and conduct obligations on OCA issuers to prevent market abuse and ensure user protection:

• Issuers must act honestly, fairly, and professionally, in the best interests of holders.
• Marketing communications must be fair, clear, and not misleading, and must be consistent with the white paper.
• Any material changes to the white paper or project must be promptly disclosed to the public and notified to the authority.
• There are also operational resilience standards—issuers must ensure the security and continuity of their systems, particularly when handling user data or token distributions.

Benefits of Issuing Other Crypto Assets

Regulatory clarity enhancing investor confidence

One of the key advantages of issuing OCAs under MiCA is the legal certainty it provides. By operating within a harmonised EU regulatory framework, issuers can demonstrate compliance with clear, well-defined rules. This fosters investor confidence, as users are more likely to engage with crypto-assets that are transparent, regulated, and protected under EU law.

Increased legal clarity also reduces the risk of regulatory enforcement or uncertainty around classification, making it easier for projects to plan long-term strategies without fear of sudden legal disruption.

Access to a regulated European market

MiCA introduces passporting rights across the EU, allowing compliant issuers to offer OCAs in all Member States without needing separate approvals in each jurisdiction. This creates a single market advantage, giving issuers access to one of the world’s largest crypto-active economies through a unified application and disclosure process.

This access is particularly valuable for early-stage or mid-size projects seeking to scale rapidly without facing fragmented national regulatory regimes.

Increased credibility and transparency for token issuers

Issuers who comply with MiCA’s disclosure, transparency, and conduct requirements benefit from heightened credibility and trustworthiness in the eyes of both retail and institutional users.
A MiCA-compliant white paper, fair marketing, and transparent project structure signal to the market that the issuer is legitimate and serious about consumer protection.

This reputational boost can be instrumental in securing listings on crypto exchanges, attracting strategic partnerships, and raising capital from more risk-averse investors.

Strategic market positioning and growth potential

Compliant OCA issuers can position themselves as first-movers in a regulated market, gaining a competitive edge over unregulated or offshore projects. This can translate into stronger brand recognition, increased user adoption, and enhanced appeal to regulated crypto service providers (CASPs) who may prefer listing or integrating compliant assets.

In the longer term, MiCA compliance provides a foundation for scaling across regulated markets, building sustainable operations, and exploring additional verticals such as tokenised finance, Web3 services, and cross-border offerings with minimal legal friction.

OCA Licence Application Process under MiCA

Eligibility criteria and initial considerations

Under MiCA, issuers of Other Crypto-Assets (OCAs) are not required to obtain a full licence, unless they are also operating as Crypto-Asset Service Providers (CASPs). However, issuers who plan to offer OCAs to the public or seek admission to trading must meet notification requirements and ensure compliance with MiCA’s standards.
Key initial considerations include:

• Whether the offering exceeds the €1 million threshold (below this, exemptions may apply)
  
• Whether the asset qualifies as an OCA (i.e., not an EMT or ART)
  
• Whether the issuer is also performing custodial or exchange functions (which would trigger CASP obligations)
• Preparing and submitting required documentation

Issuers must prepare a Crypto-Asset White Paper and notify the competent authority in their home Member State before the offering or trading admission. While pre-approval is not required, the submission must be complete and compliant.

Documentation typically includes:

• The crypto-asset white paper
  
• A summary of the offering or trading plan
  
• Information about the issuer’s identity and corporate structure
  
• Risk disclosures and legal disclaimers
  

In some cases, marketing materials and technical documentation may also need to be submitted for review.

Business plan and token utility details

MiCA requires the white paper to clearly outline:

• The business model and economic rationale of the token
• The tokenomics, including supply, distribution, vesting, and utility
• Any services or rights linked to the token (e.g., access to platforms, governance functions)
• Project roadmap and development milestones
  

This ensures that investors can understand the function and viability of the OCA before committing funds.

Governance and risk mitigation measures

Issuers must adopt a robust governance structure, which includes:

• Clear organisational roles and responsibilities
  
• Defined procedures for incident management, cyber-risk, and fraud prevention
  
• Oversight mechanisms to monitor the token’s lifecycle and post-issuance risks
  

MiCA encourages issuers to adopt policies that reflect best practices in operational resilience and continuity, particularly when managing smart contract protocols or decentralised infrastructure.

Compliance structure and internal controls

Issuers are expected to establish internal procedures for:

• Ensuring ongoing white paper accuracy and timely disclosures
  
• Managing conflicts of interest and insider information
  
• Handling user complaints or redress mechanisms
  
• Monitoring compliance with consumer protection standards
  

These controls help reinforce trust and reduce legal liability, especially in the event of project changes or token performance concerns.

Key timelines and regulatory approval stages

Unlike ARTs and EMTs, no formal licence or prior approval is needed to issue OCAs. However:

• The white paper must be submitted before the public offering or trading admission
• The competent authority has the right to suspend or ban the offer if the documentation is misleading or non-compliant
  
• Any material changes post-notification must be promptly reported

Annual Fees and Ongoing Compliance

How We CSB Group Support Your OCA Licence Application.

At CSB Group, we offer end-to-end regulatory support for projects seeking to issue Other Crypto-Assets (OCAs) under the Markets in Crypto-Assets Regulation (MiCA). Our experienced legal and advisory team ensures your offering is fully compliant, strategically positioned, and ready for the EU market.