EU to Mandate iXBRL for Crypto

EU to Mandate iXBRL for Crypto

By Prathamesh 9 July, 2024

July 7, 2024

Europe will be the first jurisdiction in the world to require that crypto “white papers” – the specialised prospectus documents used by crypto asset issuers – must be prepared in Inline XBRL, ensuring that these pitch documents can be rapidly and effectively assessed.

Using Inline XBRL (in a similar manner to the existing ESEF mandate for financial reporting) means that these disclosures can be easily consumed, compared and analysed by investors, regulators and other users

The European Securities and Markets Authority (ESMA) released its Final Report on Markets in Crypto Asset Regulation (or “MiCA”) implementation yesterday. ESMA has decided that it will (with some minor modifications) adopt the proposals set out in its previous consultation on the manner in which crypto white papers must be prepared and submitted to supervisors and then released to market participants.

ESMA will prepare a taxonomy internally, and will optionally permit the use of a simplified template to construct the Inline XBRL disclosures. It is not anticipated that extension taxonomies will be required or permitted.

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