Article 5 Notification of completeness of a crypto-asset white paper

This article delivers the two possible outcomes of the completeness assessment process established in Article 4.

Once the competent authority has finished reviewing whether the crypto-asset white paper meets the required standard, it must reach one of two conclusions: either the white paper is complete, triggering a formal notification to the credit institution that includes the date of deemed completeness, or it is incomplete, resulting in outright rejection of the application with a corresponding notification to the credit institution.

Important points:

• Competent authorities are required to formally notify the credit institution of the outcome, whether the white paper is approved as complete or rejected as incomplete.
• If deemed complete, the notification must specify the exact date on which the white paper is considered complete, which is significant for subsequent procedural timelines.
• Competent authorities are required to reject the application outright if the white paper remains incomplete after the Article 4 process, leaving no further opportunity for correction at this stage.