> 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/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-16.md).

# Article 16

|                 |                                                                                 |
| --------------- | ------------------------------------------------------------------------------- |
| **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                                         |

### Authorisation

1. A person shall not make an [offer to the public](https://www.mica.wtf/definitions/definitions/mica/offer-to-the-public), or seek the admission to trading, of an [asset-referenced token](https://www.mica.wtf/definitions/definitions/mica/asset-referenced-token), within the Union, unless that person is the [issuer](https://www.mica.wtf/definitions/definitions/mica/issuer) of that asset-referenced token and is:

   1. a legal person or other undertaking that is established in the Union and has been authorised in accordance with [Article 21](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-21.md) by the [competent authority](https://www.mica.wtf/definitions/definitions/mica/competent-authority) of its [home Member State](https://www.mica.wtf/definitions/definitions/mica/home-member-state); or
   2. a [credit institution](https://www.mica.wtf/definitions/definitions/mica/credit-institution) that complies with [Article 17](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-17.md).

   Notwithstanding the first subparagraph, upon the written consent of the [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) of an [asset-referenced token](https://www.mica.wtf/definitions/definitions/mica/asset-referenced-token), other persons may [offer to the public](https://www.mica.wtf/definitions/definitions/mica/offer-to-the-public) or seek the admission to trading of that asset-referenced token. Those persons shall comply with Articles [27](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-2/article-27.md), [29](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-2/article-29.md) and [40](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-3/article-40.md).

   For the purposes of point (a) of the first subparagraph, other undertakings may issue asset-referenced tokens only if their legal form ensures a level of protection for third parties’ interests equivalent to that afforded by legal persons and if they are subject to equivalent prudential supervision appropriate to their legal form.
2. Paragraph 1 shall not apply where:

   1. over a period of 12 months, calculated at the end of each calendar day, the average outstanding value of the [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) issued by an [issuer](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/issuer.md) never exceeds EUR 5 000 000, or the equivalent amount in another [official currency](https://www.mica.wtf/definitions/definitions/mica/official-currency), and the issuer is not linked to a network of other exempt issuers; or
   2. the [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md) of the [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) is addressed solely to [qualified investors](https://www.mica.wtf/definitions/definitions/mica/qualified-investors) and the asset-referenced token can only be held by such qualified investors.

   Where this paragraph applies, issuers of asset-referenced tokens shall draw up a [crypto-asset](https://www.mica.wtf/definitions/definitions/mica/crypto-asset) white paper as provided for in [Article 19](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-19.md) and notify that crypto-asset white paper and, upon request, any marketing communications, to the [competent authority](https://www.mica.wtf/definitions/definitions/mica/competent-authority) of their [home Member State](https://www.mica.wtf/definitions/definitions/mica/home-member-state).
3. The authorisation granted by the [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) to a person referred to in paragraph 1, first subparagraph, point (a), shall be valid for the entire Union and shall allow an [issuer](https://www.mica.wtf/definitions/definitions/mica/issuer) of an asset-referenced token to [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md), throughout the Union, the asset-referenced token for which it has been authorised, or to seek an admission to trading of such asset-referenced token.
4. The approval granted by the [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) of an issuer’s [crypto-asset](https://www.mica.wtf/definitions/definitions/mica/crypto-asset) white paper under [Article 17](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-17.md)(1) or [Article 21](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-21.md)(1) or of the modified crypto-asset white paper under [Article 25](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-25.md) shall be valid for the entire Union.

***

**Level 2 instruments**

* [ART/EMT: scope of public offering](/eu-level/q-and-a/eba-qa-7185-scope-public-offering-art-emt.md) — Q\&A
* [Services for non-compliant ARTs/EMTs](/eu-level/q-and-a/esma-qa-2404-non-compliant-art-emt-trading.md) — Q\&A
* [White paper obligation for Article 16(2) exempt ART issuers](/eu-level/q-and-a/eba-qa-7166-whitepaper-publication-exempted-issuers.md) — Q\&A

### Related

* [asset-referenced token](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/asset-referenced-token.md) — definition used in this article
* [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) — definition used in this article
* [offer to the public](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/offer-to-the-public.md) — definition used in this article
* [qualified investors](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/qualified-investors.md) — definition used in this article
* [qualified investors](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mifid-ii/qualified-investors.md) — definition used in this article
* [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/crr/credit-institution.md) — definition used in this article
* [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/credit-institution.md) — definition used in this article
* [credit institution](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/credit-institution.md) — definition used in this article


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://www.mica.wtf/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-16.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.