Article 26 Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper

This article establishes the civil liability regime for issuers of asset-referenced tokens who breach the white paper disclosure requirements set out in Article 19.

It directly mirrors the liability framework that Article 15 applies to issuers of other crypto-assets, but here it is tailored specifically to asset-referenced tokens.

The article makes issuers, along with members of their administrative, management or supervisory bodies, liable to token holders for any losses arising from information in the white paper that is incomplete, unfair, unclear, or misleading.

Crucially, any contractual attempt to exclude or limit this liability is rendered void.

The article also clarifies the burden of proof, limits liability for losses arising from reliance on the white paper summary alone (with exceptions), and confirms that national civil law remedies remain available alongside this framework.

Important points:

• Issuers of asset-referenced tokens are liable, together with their governing body members, for losses caused by deficient or misleading information in their crypto-asset white paper.
• Any contractual clause attempting to exclude or limit this civil liability has no legal effect.
• The burden of proof lies with the token holder, who must demonstrate both the infringement and that reliance on the misleading information influenced their decision to purchase, sell, or exchange the token.