We summarise the key points below.

1. Standardised templates for white papers
Crypto-asset issuers must follow specific templates to present their projects clearly and uniformly, covering different types of crypto-assets like asset-referenced tokens (ARTs) and e-money tokens (EMTs).

2. Machine-readable format using XBRL
White papers must be in XHTML format and use Inline XBRL for data fields. This ensures machine-readability, enabling automated analysis and making information easier to compare across projects.

3. Legal entity and service provider identifiers
Issuers must include their legal entity identifier (LEI), and a crypto-asset service provider identifier (CASPI) is required to enhance transparency and ensure proper identification of entities involved.

4. Use of digital token identifiers (DTIs)
If available, DTIs will allow issuers to skip repetition of certain details about the crypto-asset, reducing redundancy and streamlining the process.

5. Human readable white papers
While promoting machine-readability, white papers must also be accessible to retail investors, ensuring they are easy to read without specialised software.

6. XBRL taxonomy files
ESMA will publish XBRL taxonomy files which would guide issuers in preparing their white papers, ensuring compliance with all their legal and technical obligations.

7. Compliance timeline
The regulation takes effect on 23 December 2025, giving issuers time to transition to the new requirements.

The new regulatory technical standards on crypto-asset white papers aim to enhance transparency, reduce fraud, and facilitate easier comparison of crypto-assets, benefiting both investors and issuers. Crypto projects will need to adopt the new standards, making their white papers more accessible and standardised across the market. Issuers have time to prepare before these new regulatory technical standards come into force, allowing them to streamline compliance and improve their market presence.

The Commission Implementing Regulation (EU) 2024/2984 can be found here.