White Paper & Token Issuance
Public Sale
The general public-access phase of a token sale — typically triggers full MiCA white-paper and notification requirements.
Definition
A public sale is the phase of a token sale open to general investors. Triggers MiCA Title II white-paper requirements unless an Article 4(2) exemption applies. The home NCA receives the white-paper notification at least 20 working days before the sale opens.