The discussion on disclosures and whitepapers, led by Beata Sivak from Kraken, focused on the challenges associated with the scope, timelines, and liabilities of MiCA’s disclosure requirements. The roundtable emphasized the need for clear definitions regarding the scope of whitepapers, especially for decentralized assets and assets with no issuer. Participants discussed the feasibility and reliability of environmental disclosures required before whitepapers, and the liability issues tied to the preparation and use of whitepapers. The need for comprehensive regulatory guidance to address these challenges was highlighted.

Romena Urbonaite from Bitpanda highlighted the complexities and challenges of harmonizing supervision across EU member states. The discussion centered on the need for consistent supervisory practices, the potential benefits of centralized EU-level supervision, and the importance of clear criteria for significant CASPs to ensure effective regulatory oversight.

Roeland Van der Stappen from the Swiss Finance Council led the discussion on reverse solicitation requirements. The primary focus was ensuring EU consumers engage with authorized CASPs. The roundtable explored the broad interpretation of solicitation, the challenges for third-country firms, and the need for a clear nexus between brand marketing and specific crypto asset services or products to maintain a level playing field.