> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mica/articles/16.md).

# Article 16 — Authorisation

*In force · Consolidated version of 9 January 2024 · Checked against EUR-Lex on 19 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)

1. 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:

   **(a)** a legal person or other undertaking that is established in the Union and has been authorised in accordance with [Article 21](/mica/articles/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

   **(b)** a [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) that complies with [Article 17](/mica/articles/17.md).

   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](/mica/articles/27.md), [29](/mica/articles/29.md) and [40](/mica/articles/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:

   **(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

   **(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.

   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](/mica/articles/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).
3. 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.
4. 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](/mica/articles/17.md)(1) or [Article 21](/mica/articles/21.md)(1) or of the modified crypto-asset white paper under [Article 25](/mica/articles/25.md) shall be valid for the entire Union.

***

#### Related

* [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) — definition used in this article
* [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article
* [offer to the public](https://www.headlesslaw.com/definitions/mica/offer-to-the-public) — definition used in this article
* [qualified investors](https://www.headlesslaw.com/definitions/mica/qualified-investors) — definition used in this article
* [credit institution](https://www.headlesslaw.com/definitions/mica/credit-institution) — definition used in this article

### Related Level 2 and Level 3

#### Guidance and Q\&A

* [EBA Q\&A 2024\_7166 — Q\&A — White paper obligation for exempt ART issuers \[Final Q\&A\]](/mica/level-3/q-and-a/eba/eba-qa-7166-whitepaper-publication-exempted-issuers.md)
* [EBA Q\&A 2024\_7185 — Q\&A — ART/EMT: scope of public offering \[Final Q\&A\]](/mica/level-3/q-and-a/eba/eba-qa-7185-scope-public-offering-art-emt.md)
* [ESMA Q\&A 2005 — Q\&A — Crypto-asset services of a DLT MI \[Answer Published\]](/mica/level-3/q-and-a/esma/esma-qa-2005-crypto-asset-services-dlt-mi.md)
* [ESMA Q\&A 2404 — Q\&A — Services for non-compliant ARTs/EMTs \[Answer Published\]](/mica/level-3/q-and-a/esma/esma-qa-2404-non-compliant-art-emt-trading.md)
* [ESMA Q\&A 2551 — Q\&A — Overlap between offers and placing \[Published Answer Updated\]](/mica/level-3/q-and-a/esma/esma-qa-2551-overlap-between-offers-crypto-assets-placing.md)
* [ESMA75-113276571-1742 — Opinion — Non-MiCA-compliant ARTs and EMTs \[published\]](/mica/level-3/opinions/esma75-113276571-1742-opinion-on-non-mica-compliant-arts-and-emts.md)

***

[Title III — Asset-referenced tokens](/mica/titles/iii.md) › Chapter 1 — Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading · [← Article 15](/mica/articles/15.md) · [Article 17 →](/mica/articles/17.md)