> 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/mica/recitals/43.md).

# Recital 43

MiCA Recital 43 — Regulation (EU) 2023/1114.

|                 |                                                                                 |
| --------------- | ------------------------------------------------------------------------------- |
| **Instrument**  | Regulation (EU) 2023/1114 (MiCA)                                                |
| **Source**      | [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114) |
| **Status**      | In force                                                                        |
| **Review rule** | Legal-text changes require human review                                         |

### (43)

Offers to the public of asset-referenced tokens in the Union or seeking admission to trading of such crypto-assets should be permitted only where the competent authority has authorised the issuer of such crypto-assets to do so and has approved the relevant crypto-asset white paper. The authorisation requirement should however not apply where the asset-referenced tokens are addressed solely to [qualified investors](https://headlesslaw.com/definitions/mica/qualified-investors/) or where the offer to the public of the asset-referenced tokens is below EUR 5 000 000. In those cases, the issuer of the asset-referenced tokens should still be required to draw up a crypto-asset white paper to inform buyers about the characteristics and risks of the asset-referenced tokens and should also be required to notify the crypto-asset white paper to the competent authority before its publication.


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