MiCA Title II
Covers crypto-assets other than ARTs and EMTs. Sets out whitepaper requirements, issuer obligations, and public offer rules for utility tokens and similar assets.
## What MiCA Title II covers
Title II (Arts. 4–15) governs crypto-assets other than ARTs and EMTs — primarily utility tokens and other crypto-assets that do not qualify as financial instruments. It sets out whitepaper requirements, exemptions, issuer obligations, and liability rules.
## Whitepaper exemptions
Not all issuers need a full whitepaper. Art. 4 lists exemptions: offers to fewer than 150 persons per Member State, total consideration below €1 million over 12 months, offers addressed exclusively to qualified investors, and certain utility tokens. MiCAReady checks your eligibility automatically.
## Key issuer obligations
Title II issuers must act honestly and in the best interests of holders, ensure the whitepaper is not misleading, and publish significant changes to the whitepaper promptly. Secondary market transactions after the offer period also fall under Title II rules.