> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/eba-qa-7167-passporting-art-issuers.md). # Passporting procedure for non-CI ART issuers | | | | --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Authority** | EBA | | **Q\&A ID** | EBA\_QA\_2024\_7167 | | **Status** | Answer Published | | **Published** | 5 September 2025 | | **Legal basis** | [Articles 18](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-18.md), [21](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-21.md), [25](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-25.md), [109](/mica/title-vii-competent-authorities-eba-and-esma-art.-93-138/chapter-2/article-109.md) MiCA | | **Source** | [EBA Q\&A](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7167) | ### Question Shall NCAs consider that articles 18, 21, 25 and 109 of MICA regulation set a specific passporting framework for "pure" ART issuers where: 1. ART issuers are authorized to market tokens in Member States they declared during the authorization process as soon as they are authorized by home NCAs; 2. within two working days of granting authorization, home NCAs only have to inform host national competent authorities, ESMA, EBA, ECB and competent national central bank of the Member States of the member states where ART issuers intend to market their token; 3. this information regarding passporting of ART issuers is publicly available on ESMA register? ### Background Cross-border/passporting activities of ART issuers are mentioned in different articles of MICA Regulation: First, regarding the data collection from national competent authorities (NCA) receiving ART issuers' applications: Information regarding cross-border activities shall be provided to NCAs at authorization stage. Article 18(2)(r) explicitly states that "The application \[of an ART [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md)] referred to in paragraph 1 shall contain all of the following information (...) (r) where applicable, a list of host Member States where the [applicant issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/applicant-issuer.md) intends to offer the [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) to the public or intends to seek admission to trading of the asset-referenced token." However, this information does not seem to be standardized in the technical standards on information for authorisation as issuers of ARTs under MiCAR. Templates for white papers published by ESMA (Annex II of ITS on standard forms and templates for the [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) white paper) do not mention Member states where the ART is marketed (there no field on this topic in the templates). Second, regarding the way the home NCA should transmit information on ART issuers' cross-border activities: MICA article 21(5) seems to provide for an obligation to notify host Member states, ESMA, EBA, ECB and competent national central bank in case of crossborder activities for ART issuers ("Competent authorities shall, within two working days of granting authorisation, communicate to the single point of contact of the host Member States, to ESMA, to EBA, to the ECB and, where applicable, to the central bank referred to in Article 20(4), the information specified in Article 109(3)."). However, it is not entirely clear whether this notification should be a stand-alone form -which is not mentioned in MICA or delegated regulations and whose format is not defined- or whether transmission of the sole white paper would be enough. As some information mentioned in article 109(3) do not seem to be mentioned in white paper (namely points d) and f)), we infer that a notification additional to the white paper is necessary. However, MICA only provides that changes in the white papers should be transmitted to host NCA, to ESMA, to EBA, to ECB and competent national central bank as per article 25.5, but not changes in the scope of cross border activities for example. This means that if the list of member states where an ART is marketed should be sent through a stand-alone notification, then MICAR does not provide for the obligation to send an updated list (both for issuers and home NCA) on an ongoing basis for authorized ART issuers (in case of change related to the passported activities) Third, regarding publication of information related to passporting of ART issuers: No provisions in MICA foresee that national registers should mention passporting activities for ART issuers. All information transmitted according to article 21(5) and, by reference, article 109(3) shall however be published on the ESMA register as per the same article. Article 109(3)(d) of MICAR explicitly states that ESMA public register shall contain information regarding "\[...] the list of host Member States where the [applicant issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/applicant-issuer.md) intends to offer an [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) to the public or intends to seek admission to trading of the asset-referenced tokens" *Submitted by: Autorité de contrôle prudentiel et de résolution (France) · 8 August 2024* *** ### Answer *Answer prepared by the EBA in agreement with ESMA and the European Commission* MiCA requires a legal person/entity to be established in one Member State in order to offer or seek admission to trading of ARTs in the Union. The home [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) will communicate to the host Member States, ESMA, EBA, the ECB and, where applicable, the central bank referred to in [Article 20(4)](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-20.md) of MiCA, the list of host Member States where the applicant [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) intends to offer or seek admission to trading of ARTs. The ESMA register will make public the list of such host Member States. *** *The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law.* *** **Source:** [EBA Single Rulebook Q\&A](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7167) ### Related * [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) — defined term used on this page * [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) — defined term used on this page * [applicant issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/applicant-issuer.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/tofr/crypto-asset.md) — defined term used on this page * [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) — defined term used on this page --- # Agent Instructions This documentation is published with GitBook. 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