Reminder: iXBRL Format Required for MiCA White Papers from 23 Dec 2025

The Markets in Crypto-Assets Regulation, MiCA, implementation is progressing and Title II token white papers are now experiencing their biggest change. National competent authorities, the bodies responsible for reviewing MiCA white papers, will require iXBRL (inline eXtensible Business Reporting Language) formatting starting December 23, 2025.

This change means that PDF white papers will no longer be accepted. As of writing, only 1% of the white papers submitted to the European Securities and Markets Authority’s (ESMA) interim register link to HTML files, whereas 38% link to PDFs.

Open source tools, such as Arelle, can be used to verify document compliance with the xHTML/iXBRL standards, streamlining the construction and validation process. Prospective white paper submitters should, however, also be aware that ESMA guidelines require the use of MiCA-specific iXBRL taxonomy, which is not validated by any open-source tool. 

Cairn’s Point can assist in migrating existing white papers to iXBRL format, in ensuring correct formatting as per ESMA’s taxonomy, and in the end-to-end workflows related to new white paper submissions. Contact us to learn more.