For an ordinary token that is not a stablecoin, generally no. A public offer of such a token requires no regulatory authorisation, but it does require a legal person, a crypto-asset white paper notified to the competent authority at least 20 working days before publication, and compliance with the duties of a person offering crypto-assets. A different regime applies to stablecoins: an asset-referenced token requires authorisation under MiCA, and an e-money token may be offered only by a credit institution or an electronic money institution. You also need authorisation as a crypto-asset service provider if, alongside the issue, you provide clients with crypto-asset services, such as exchanging the token for money or holding it in custody.
Start-ups and companies issue tokens for various reasons: to finance a project, as a loyalty programme, or as a ticket into their own application. Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) has no single regime for them. The first step is to determine what the token actually is, and only then whether a white paper suffices or authorisation is required.
Classifying the token first
MiCA does not apply to crypto-assets that are unique and not fungible with other crypto-assets (Article 2(3)). The label “NFT” is not decisive: under recital 11, issuance in large series or collections is an indicator of fungibility, and a unique identifier alone is not enough. Nor does the Regulation apply to tokens that are financial instruments (Article 2(4)(a)); a token carrying a right to a share in profits or to repayment of an investment may therefore fall under the rules on securities and prospectuses. Tokens intended to maintain a stable value by reference to a currency or other assets have a separate regime: an asset-referenced token may be offered to the public only by an issuer authorised under Article 21 or by a credit institution (Article 16(1)), and an e-money token only by a credit institution or an electronic money institution (Article 48(1)).
An ordinary token: a white paper, not authorisation
For other crypto-assets, including most utility tokens, the conditions of an offer are set by Article 4:
No person shall make an offer to the public of a crypto-asset other than an asset-referenced token or e-money token, within the Union unless that person: (a) is a legal person; (b) has drafted a crypto-asset white paper in respect of that crypto-asset in accordance with Article 6; (c) has notified the crypto-asset white paper in accordance with Article 8; (d) has published the crypto-asset white paper in accordance with Article 9; […]
— Article 4(1) of Regulation (EU) 2023/1114 (unofficial English translation)
The regulator does not approve the white paper in advance (Article 8(3)), but must receive it together with an explanation of why the token is not a crypto-asset excluded from the Regulation under Article 2(4) (a financial instrument, for example), an e-money token or an asset-referenced token, and must receive it at least 20 working days before publication (Article 8(4) and (5)). Notification goes to the authority of the home Member State, which for a company with its registered office in the Union is the State of that office (Article 3(1), point 33). In Slovakia that authority is the National Bank of Slovakia:
The powers and competences of the competent authority under a special regulation […] shall be exercised in the Slovak Republic by Národná banka Slovenska.
— Section 7(1) of Act No. 248/2024 Coll. (unofficial English translation)
In the Czech Republic that role is performed by the Czech National Bank (Section 9 of Act No. 31/2025 Sb., on the digitalisation of the financial market). A person offering a token must in addition act honestly and professionally, communicate in a way that is not misleading and manage conflicts of interest (Article 14(1)).
Exemptions and their limits
No white paper is required for an offer to fewer than 150 persons per Member State, for an offer with total consideration of up to EUR 1,000,000 over 12 months, or for an offer addressed solely to qualified investors (Article 4(2)); the requirement of a legal person, the rules on marketing communications under Article 7 and the duties under Article 14 nevertheless continue to apply. The whole title on offers does not apply, for example, to a token distributed free of charge, a reward for validating transactions, or a utility token for goods or services that already exist (Article 4(3)). Free distribution ceases to be free if you ask for personal data or another benefit in return for the token. All of these exemptions fall away if you announce an intention to seek admission of the token to a trading platform (Article 4(4)).
When you do need CASP authorisation
The issue and public offer of your own token are governed by Title II of the Regulation on white papers, not by the regime for crypto-asset services. If, however, you sell your token to clients on an ongoing basis and buy it back for money, hold it in custody for them or transfer it on their behalf, this may amount to crypto-asset services under Article 3(1), point 16, for which you do need authorisation as a crypto-asset service provider (Article 59(1)). Custody and transfer of tokens whose offer is exempt under Article 4(3) do not require authorisation, provided there is no other, non-exempt offer of the same token and the token is not admitted to a trading platform (Article 4(5)). We assess the classification of the token, the content of the white paper and the boundary between issue and service through our MiCA licence for crypto services. If the token has the features of an investment instrument, a public offer assessment under the rules on securities follows. What the authorisation application itself contains is described in our article on CASP authorisation under MiCA.
This answer provides general information on the law as at 12 September 2026. It does not constitute legal services or replace an assessment of an individual case. The details of your situation may differ. Book a consultation to discuss them.
