--- title: "Article 52 — Liability of issuers of e-money tokens for the information given in a crypto-asset white paper" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" shortTitle: "Article 52 — Liability of issuers of e-money tokens for the information given in a crypto-asset white paper" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: Regulation (EU) 2023/1114 instrument: mica celex: 32023R1114 text_version: "Consolidated version of 9 January 2024" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" check_status: matched verified: true last_checked: 2026-11-09 --- *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)* 1. Where an [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of an [e-money token](https://www.headlesslaw.com/definitions/mica/electronic-money-token) has infringed Article [51](51.md), by providing in its [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper or in a modified crypto-asset white paper, information that is not complete, fair or clear, or that is misleading, that issuer and the members of its administrative, management or supervisory body shall be liable to a holder of such e-money token for any loss incurred due to that infringement. 2. Any contractual exclusion or limitation of civil liability as referred to in paragraph 1 shall be deprived of legal effect. 3. It shall be the responsibility of the holder of the [e-money token](https://www.headlesslaw.com/definitions/mica/electronic-money-token) to present evidence indicating that the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of that e-money token has infringed Article [51](51.md) by providing in its [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper or in a modified crypto-asset white paper information that is not complete, fair or clear, or that is misleading and that reliance on such information had an impact on the holder’s decision to purchase, sell or exchange that e-money token. 4. The [issuer](https://www.headlesslaw.com/definitions/mica/issuer) and the members of its administrative, management or supervisory bodies shall not be liable for loss suffered as a result of reliance on the information provided in a summary pursuant to Article [51](51.md)(6), including any translation thereof, except where the summary: **(a)** is misleading, inaccurate or inconsistent when read together with the other parts of the [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper; or **(b)** does not provide, when read together with the other parts of the [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper, key information in order to aid prospective holders when considering whether to purchase such e-money tokens. 5. This Article is without prejudice to any other civil liability pursuant to national law. ### Related * [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) — definition used in this article * [issuer](https://www.headlesslaw.com/definitions/mica/issuer) — definition used in this article *** [Title IV — E-money tokens](../titles/iv.md) › Chapter 1 — Requirements to be fulfilled by all issuers of e-money tokens · [← Article 51](51.md) · [Article 53 →](53.md)