{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/articles/16","url":"https://www.headlesslaw.com/mica/articles/16","title":"Article 16 — Authorisation","family":"l1_hand","work_id":"mica","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":"2024-06-30","application":{"state":"applicable","next":null,"dates":[{"at":"2024-06-30","note":"Article 149(3)"}]},"version_label":"Consolidated version of 9 January 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"5a93ab9d630283da","change_date":null,"nearest_versions":["2023-06-09","2024-01-09"],"first_text_date":"2023-05-31","correction_applies":false,"versions":["2023-06-09","2024-01-09"],"version_url":"https://www.headlesslaw.com/mica/articles/16/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/articles/16/versions/2024-01-09/rev/5a93ab9d630283da","versions_url":"https://www.headlesslaw.com/mica/articles/16/versions","relations_url":"https://www.headlesslaw.com/mica/articles/16/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"004c364919f537a46376ad16bd89bff9190900fbac318f7e3194bd8ba1c573b3","markdown_sha256":"7a955c4105cf95b0be63710eaf0c67213f592edde2ee797cb0c4c6e6f70a76e5"},"units":[{"locator":"mica/art/16","kind":"article","status":"in_force","label":null,"heading":"Authorisation","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mica/art/16/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is:","marks":[],"revision":1,"text_hash":"c88d13bcd84b09667b5857f27c097b5cca0fdd546c3ad30b029decf1097a20ee","reason":null},{"locator":"mica/art/16/para/1/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or","marks":[],"revision":1,"text_hash":"3386288cfb9f6260973588d8265d63617b919545310e11dc9a7303ddf7f3dd7a","reason":null},{"locator":"mica/art/16/para/1/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"a credit institution that complies with Article 17.","marks":[],"revision":1,"text_hash":"0bf10b9bc6906db11f029cc7eb561bfa2cfae5a09a43030c888afe85805c6d0f","reason":null},{"locator":"mica/art/16/para/1/cont/1","kind":"continuation","status":"in_force","label":null,"heading":null,"text":"Notwithstanding the first subparagraph, upon the written consent of the issuer of an asset-referenced token, other persons may offer to the public or seek the admission to trading of that asset-referenced token. Those persons shall comply with Articles 27, 29 and 40.","marks":[],"revision":1,"text_hash":"6687d5d01f798630b99c857386520e1e8ec1210d36e38a3b8f4fc2db9fcb0f58","reason":null},{"locator":"mica/art/16/para/1/cont/2","kind":"continuation","status":"in_force","label":null,"heading":null,"text":"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.","marks":[],"revision":1,"text_hash":"ec00627e07b1b21ca24e10c684693f2eaf93f995c7dde13ba433d8c1557207e9","reason":null},{"locator":"mica/art/16/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"Paragraph 1 shall not apply where:","marks":[],"revision":1,"text_hash":"394e3d47673376aa2507857b1f8bd36fe42287d573703a4fe8e50061978e2683","reason":null},{"locator":"mica/art/16/para/2/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"over a period of 12 months, calculated at the end of each calendar day, the average outstanding value of the asset-referenced token issued by an issuer never exceeds EUR 5 000 000 , or the equivalent amount in another official currency, and the issuer is not linked to a network of other exempt issuers; or","marks":[],"revision":1,"text_hash":"58fb8dcca25c6f12db1648acd10a19ce2a96f5bb6671d1951149df652a273876","reason":null},{"locator":"mica/art/16/para/2/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"the offer to the public of the asset-referenced token is addressed solely to qualified investors and the asset-referenced token can only be held by such qualified investors.","marks":[],"revision":1,"text_hash":"489c31f5bf588a45d1466194b0086a702ad5b17e1263e9a16da1062fb170d27a","reason":null},{"locator":"mica/art/16/para/2/cont/1","kind":"continuation","status":"in_force","label":null,"heading":null,"text":"Where this paragraph applies, issuers of asset-referenced tokens shall draw up a crypto-asset white paper as provided for in Article 19 and notify that crypto-asset white paper and, upon request, any marketing communications, to the competent authority of their home Member State.","marks":[],"revision":1,"text_hash":"5c8f3a9b5f5e580257c7ead245977bc3808327337d24731ede9cbc94ebe6cbea","reason":null},{"locator":"mica/art/16/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"The authorisation granted by the competent authority to a person referred to in paragraph 1, first subparagraph, point (a), shall be valid for the entire Union and shall allow an issuer of an asset-referenced token to offer to the public, 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.","marks":[],"revision":1,"text_hash":"fe42c12faba5e2b98384549b3a57e8ca64ec826bc3d466f0f22956e2ec9da6cd","reason":null},{"locator":"mica/art/16/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"The approval granted by the competent authority of an issuer’s crypto-asset white paper under Article 17(1) or Article 21(1) or of the modified crypto-asset white paper under Article 25 shall be valid for the entire Union.","marks":[],"revision":1,"text_hash":"5362d18397bc5431bf8f39a97e0c848e1cf3f739e0cf4e1f9eb307ed7cb19a24","reason":null}],"markdown":"*In force · Consolidated version of 9 January 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)*\n\n1. <a id=\"p-1\"></a>A person shall not make an [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public), or seek the admission to trading, of an [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token), within the Union, unless that person is the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of that asset-referenced token and is:\n\n    <a id=\"p-1-a\"></a>**(a)** a legal person or other undertaking that is established in the Union and has been authorised in accordance with [Article 21](21.md) by the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) of its [home Member State](https://www.headlesslaw.com/definitions/mica/home-member-state); or\n\n    <a id=\"p-1-b\"></a>**(b)** a [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) that complies with [Article 17](17.md).\n\n    Notwithstanding the first subparagraph, upon the written consent of the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of an [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token), other persons may [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) or seek the admission to trading of that asset-referenced token. Those persons shall comply with Articles [27](27.md), [29](29.md) and [40](40.md).\n\n    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.\n2. <a id=\"p-2\"></a>Paragraph 1 shall not apply where:\n\n    <a id=\"p-2-a\"></a>**(a)** over a period of 12 months, calculated at the end of each calendar day, the average outstanding value of the [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) issued by an [issuer](https://www.headlesslaw.com/definitions/mica/issuer) never exceeds EUR 5 000 000 , or the equivalent amount in another [official currency](https://www.headlesslaw.com/definitions/mica/official-currency), and the issuer is not linked to a network of other exempt issuers; or\n\n    <a id=\"p-2-b\"></a>**(b)** the [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) of the [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) is addressed solely to [qualified investors](https://www.headlesslaw.com/definitions/mica/qualified-investors) and the asset-referenced token can only be held by such qualified investors.\n\n    Where this paragraph applies, issuers of asset-referenced tokens shall draw up a [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper as provided for in [Article 19](19.md) and notify that crypto-asset white paper and, upon request, any marketing communications, to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) of their [home Member State](https://www.headlesslaw.com/definitions/mica/home-member-state).\n3. <a id=\"p-3\"></a>The authorisation granted by the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) 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.headlesslaw.com/definitions/mica/issuer) of an asset-referenced token to [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public), 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.\n4. <a id=\"p-4\"></a>The approval granted by the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) of an issuer’s [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper under [Article 17](17.md)(1) or [Article 21](21.md)(1) or of the modified crypto-asset white paper under [Article 25](25.md) shall be valid for the entire Union.\n\n***\n\n### Related\n\n* [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) — definition used in this article\n* [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article\n* [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) — definition used in this article\n* [qualified investors](https://www.headlesslaw.com/definitions/mica/qualified-investors) — definition used in this article\n* [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) — definition used in this article\n\n## Related Level 2 and Level 3\n\n### Guidance and Q&A\n\n- [EBA Q&A 2024_7166 — Q&A — White paper obligation for exempt ART issuers \\[Final Q&A\\]](../level-3/q-and-a/eba/eba-qa-7166-whitepaper-publication-exempted-issuers.md)\n- [EBA Q&A 2024_7185 — Q&A — ART/EMT: scope of public offering \\[Final Q&A\\]](../level-3/q-and-a/eba/eba-qa-7185-scope-public-offering-art-emt.md)\n- [ESMA Q&A 2005 — Q&A — Crypto-asset services of a DLT MI \\[Answer Published\\]](../level-3/q-and-a/esma/esma-qa-2005-crypto-asset-services-dlt-mi.md)\n- [ESMA Q&A 2404 — Q&A — Services for non-compliant ARTs/EMTs \\[Answer Published\\]](../level-3/q-and-a/esma/esma-qa-2404-non-compliant-art-emt-trading.md)\n- [ESMA Q&A 2551 — Q&A — Overlap between offers and placing \\[Published Answer Updated\\]](../level-3/q-and-a/esma/esma-qa-2551-overlap-between-offers-crypto-assets-placing.md)\n- [ESMA75-113276571-1742 — Opinion — Non-MiCA-compliant ARTs and EMTs \\[published\\]](../level-3/opinions/esma75-113276571-1742-opinion-on-non-mica-compliant-arts-and-emts.md)\n\n***\n\n[Title III — Asset-referenced tokens](../titles/iii.md) › Chapter 1 — Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading · [← Article 15](15.md) · [Article 17 →](17.md)\n"}