MiCA Is 'European' Regulation. Except 62% of Filers Are Offshore.
A LegalBison study of all 441 MiCA white paper filings reveals that 62% of token project filers are headquartered outside the EU — primarily in the BVI, Switzerland, and the Caymans.
Friday, 20 March 2026
Share:
A study published this week by LegalBison, based on all 441 independent token project filings in the MiCA registers as of March 12, 2026, reveals a structural reality that most people miss.
Only **73 entities (17%)** filing MiCA white papers have their headquarters inside the EU or EEA.
The remaining **275 entities with known head offices (62%)** are based outside the EU — primarily:
Why? Because MiCA governs **where tokens are offered and admitted to trading**, not where the issuer is incorporated. Any offshore project that wants EU market access must comply with MiCA's white paper requirements — regardless of where it is domiciled.
The two most active jurisdictions for white paper filings are Ireland (151 white papers from 147 entities) and Malta (145 white papers from 95 entities). Ireland is essentially a regulatory access point — only 1 of its 147 filers has an Irish head office.
The conclusion for any offshore token project: MiCA is your regulation too, whether you are registered in the BVI, the Caymans, or anywhere else. EU market access requires EU-standard disclosure.
At **COMPLaiNCE**, this is exactly the kind of cross-jurisdictional complexity we navigate for our clients every day.