Public offer and admission are events, not moods

Under MiCA, offering a crypto-asset to the public or seeking admission to trading can trigger whitepaper and offeror obligations, depending on the asset category and the exemptions that actually apply. ART and EMT issuance is a different, heavier business than an “other crypto-asset” whitepaper. CASP activity is a different perimeter again. A founder who says “we’re MiCA so we can retail” has collapsed three systems into a slogan.

The operating questions for an EU-touching file: is there a public offer in the Union? Is admission to trading being sought? Which asset category does counsel assign? Which member-state supervisor is in view? Which CASP, if any, is in the machinery, and are they actually authorised for the activity? Which communications are marketing of the offer, and who approves them?

Exemptions exist in the framework. Exemptions are not a growth hack. They have conditions. They can fail if your campaign looks like a public solicitation. This is another reason the claims register and the geography lock are not optional extras. They are how you avoid accidentally becoming the thing you told counsel you were not.

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