A credit institution may offer to the public or seek admission to trading of an asset‑referenced token only after it has prepared a crypto‑asset white paper pursuant to Article 19, submitted it for and obtained approval by the competent authority under regulatory technical standards, and notified that authority at least 90 working days before first issuance. The 90‑day notification must include a programme of operations; a legal opinion that the token is not excluded under Article 2(4) and is not an e‑money token; descriptions of governance, the specified policies and procedures, contractual arrangements with third parties, business continuity policy, internal control and risk‑management arrangements, and systems to safeguard data availability, authenticity, integrity and confidentiality.

Previously submitted identical information need not be resubmitted but must be confirmed as up‑to‑date. The competent authority will assess completeness within 20 working days and may request missing information with a deadline not exceeding 20 working days, suspending the 90‑day period until receipt; the institution must not offer or seek admission while notification is incomplete. Credit institutions issuing asset‑referenced tokens, including significant tokens, are exempt from Articles 16, 18, 20, 21, 24, 35, 41 and 42. The competent authority must transmit complete information to the ECB and, where applicable, the relevant national central bank, which must issue an opinion within 20 working days and may block offers on grounds of risks to payment systems, monetary policy transmission or monetary sovereignty. The competent authority must also provide specified information to ESMA for publication in the register by the offer/admission start date; withdrawal of authorisation must be notified to ESMA within two working days. EBA, in cooperation with ESMA and the ECB, shall submit draft regulatory technical standards for white‑paper approval to the Commission by 30 June 2024, with the Commission empowered to adopt them by delegated acts under Regulation (EU) No 1093/2010.