{"id":39554214,"date":"2026-06-17T10:00:00","date_gmt":"2026-06-17T08:00:00","guid":{"rendered":"https:\/\/www.fma.gv.at\/?p=39554214"},"modified":"2026-06-17T13:04:08","modified_gmt":"2026-06-17T11:04:08","slug":"the-fma-explains-does-a-white-paper-mean-that-everything-is-in-order","status":"publish","type":"post","link":"https:\/\/www.fma.gv.at\/en\/the-fma-explains-does-a-white-paper-mean-that-everything-is-in-order\/","title":{"rendered":"The FMA explains: does a white paper mean that everything is in order?"},"content":{"rendered":"

The Austrian Financial Market Authority (FMA) continues its video clip series “1 Minute – 1 Begriff” (“A term explained in a minute”) about current, consumer-relevant issues from supervisory practice<\/strong> with two further terms from the crypto market: “white paper” and “utility token”. A utility token is a crypto-asset that primarily enables access to a specific service or product. In a similar form to a voucher, it can be used to obtain access to platforms, digital content, merchandise or tickets.<\/p>

Since the entry into force of the Markets in Crypto-Assets Regulation (MiCAR) there have been clear requirements in force when issuing a utility token. Anyone wishing to publicly offer utility tokens, is required to produce a white paper<\/strong> and to submit it to the FMA. A white paper is a central source of information for interested parties, and describes, among other things, who is behind the project, what purpose the token fulfils, how the business model functions, and the risks that exist.<\/p>

It should be noted that the existence of a white paper per se does not provide any guarantee for the seriousness or safety of a project. The notification merely confirms that the white paper was submitted to the FMA. Anyone who is interested in a utility token should read the white paper carefully, understand the project, and also critically scrutinise the specific use case. While MiCAR increases market transparency, a well-informed and cautious approach remains decisive.<\/p>

In the “1 Minute – 1 Begriff” series, the FMA’s experts explain key topics regarding the financial market and supervision in a concise and understandable manner. All videos can be found on the FMA’s Instagram channel @redenwiruebergeld<\/a> as well as on its YouTube Channel<\/a> in German only.<\/p>

Journalists may address further enquiries to<\/h2>

Boris Gröndahl (FMA Media Spokesperson)<\/p>

Telephone: +43\/(1)249\/59-6010<\/a><\/p>

Mobile: +43 676 8824 9995<\/a><\/p>

E-Mail: boris.groendahl@fma.gv.at<\/a><\/p>

<\/p>\n","protected":false},"excerpt":{"rendered":"

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