Mariana Sarmiento retweetledi

The European Securities and Markets Authority (ESMA) issued a new statement on MiCA data standards, including the technical format for MiCA white papers in XHTML with Inline XBRL from 23 December 2025.
Alongside this, @ESMAComms has released an Excel-based conversion tool to help generate iXBRL white papers. A critical detail in ESMA’s statement:
🔹 the tool itself has not been validated
🔹 ESMA accepts no responsibility for its use and states that its outputs require independent validation
🔹 any errors in the output are entirely the issuer’s or CASP’s fault
In other words, you can use ESMA’s tool and still end up with a non-compliant white paper that regulators will treat as your mistake.
Our team reviewed the new version of ESMA’s conversion tool against the feedback we previously provided in our report “Feedback on ESMA’s MiCA XBRL Implementation Work” 👉micacryptoalliance.com/reports/feedba…
While some recommendations have been implemented, several structural, formatting, and validation issues remain. These can result in incorrect or rejected filings even when the workflow is followed precisely, which underlines that preparers remain fully responsible for the accuracy and compliance of their XBRL submissions.
ESMA also makes it clearer that LEIs for legal-entity clients and DTIs for crypto-assets are expected as mandatory identifiers. Earlier guidance in CIR 2024/2984 suggested these should be provided “where available” and even allowed alternative national identifiers, but CDR 2025/421 requires identifiers that meet strict criteria of uniqueness, neutrality, and open governance, which in practice only the LEI and DTI satisfy. ESMA’s new statement aligns with this stricter interpretation:
📌 LEIs and DTIs must be used
📌 If a DTI does not exist, the CASP must request its creation
📌 This adds time to every white paper, especially for first-time issuers
This can delay projects even further without support from a specialised provider.
Given these risks, relying on a conversion tool without independent validation, or not having LEI and DTI identifiers, can create avoidable compliance issues. The MiCA Crypto Alliance supports:
✅ MiCA-compliant white paper drafting
✅ XBRL and iXBRL conversion
✅ LEI and DTI integration into the process
If you need assurance that your MiCA white papers will meet regulatory expectations, our team is ready to assist.
#MiCA #EURegulation #CryptoAssets #CryptoCompliance #CASPs

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