An issuer of crypto-assets refers to an individual, organization, or company responsible for creating and introducing a specific cryptocurrency into the market. Issuers are also responsible for the created digital asset, they establish operational rules and oversee the distribution process.
The release of a cryptocurrency or token is usually called emission (follow the link for more information about cryptocurrency). In traditional finance, new shares or bonds appear only after a central issuer, such as a company or a bank, formally issues them. In the world of crypto assets, new coins and tokens are normally created through code, mining or other consensus mechanisms (follow the link for more information about mining), but behind almost every serious project there is still an issuer, that is a team or company that designs the asset, sets its rules and brings it to the market.
Issuers of crypto assets are key players in the digital asset economy. Without them, new coins and tokens would simply not appear, and existing networks would not evolve. They decide how the token will work inside the project’s ecosystem, why people might want to hold it and what rights or benefits it gives to users.
Who is and who is not an issuer
It is important to distinguish between miners and issuers. Miners who validate transactions and create new blocks in a blockchain keep the network running, but they usually do not decide how the asset is structured or what rights it gives. They support the technical infrastructure and receive rewards for this work, but they are not the issuer in the legal or business sense.
The issuer is usually the team or company that designs the token, writes or commissions the smart contracts, drafts the white paper and promotes the project. This issuer sets the rules for emission and distribution, chooses the economic model and communicates with investors or token buyers.
Very often, issuers raise capital through an initial coin offering (“ICO”) or similar sale of tokens. During an ICO, investors or community members can buy tokens at an early stage, usually in exchange for fiat currency or more established crypto assets. In most cases, these buyers do not receive shares in the company. Instead, they get access to a product, service or closed ecosystem that the issuer is building, or they get a token that can later be traded on exchanges.
Cryptocurrency issuers are required to adhere to a number of regulations set by the jurisdiction in which they operate. Compliance with these regulations assists investors in making informed decisions about investing in cryptocurrencies and assessing the legality and reliability of a project. Stringent adherence to emission regulations significantly influences the formation of asset price.
MiCA and issuers in the European Union
For issuers that want to work with clients in the European Union, the Markets in Crypto Assets regulation (“MiCA”) has fundamentally changed the landscape. MiCA is an EU regulation that creates a single, harmonised rulebook for issuers of most types of crypto assets and for crypto asset service providers (“CASPs”) across all EU member states. One of its central goals is to protect investors and bring more transparency and legal certainty to the crypto market.
MiCA entered into force in 2023 and has been phased in. The part of MiCA that deals with stablecoins, that is asset referenced tokens and e money tokens, has applied since 30 June 2024. The remaining rules, including those for issuers of other crypto assets and most CASPs, have applied since 30 December 2024. In practice this means that by 2025 most serious projects targeting the EU are either already working under MiCA or are in the final phase of adapting to it.
For an issuer, MiCA primarily means three things, expressed very simply. First, if you publicly offer tokens to investors in the EU or seek to admit them to trading on a trading platform, you usually need to publish a clear and balanced crypto asset white paper. This document must explain who stands behind the project, how the token works, how the funds will be used and what the main risks are.
Second, MiCA sets basic expectations for communication and marketing. Information must not be misleading, important risks cannot be hidden in fine print and investors must be able to compare different offerings more easily. Third, issuers and CASPs are expected to follow certain organisational and conduct standards, for example having appropriate governance and internal controls, so that client interests are better protected and market abuse is reduced.
EU regulators and the European Securities and Markets Authority maintain registers of notified white papers, authorised issuers and authorised CASPs, which makes it easier for investors to verify whether a project claims MiCA compliance on a solid basis.
It is essential to understand that miners who “mine” cryptocurrency are not its issuers. They serve as transaction validators and create new blocks in the blockchain to support the cryptocurrency network operation, but have no control over the issuance of the cryptocurrency itself.
Emission models in the crypto market
The main economic role of issuing a new crypto asset is to introduce it into circulation and, in most cases, to create a potential for future financial gain, both for the project and for early supporters. When designing a token, an issuer makes some fundamental choices about emission.
There are three broad models that are often used:
- One time limited emission, where all or almost all coins are created at once up to a fixed maximum amount and no new coins can be mined later. Cardano (ADA) is an example of a cryptocurrency with a hard cap on the total supply, while in the case of XRP a large amount of tokens was created at the start and part of the supply was initially locked and then released gradually to the market to avoid sudden shocks.
- Limited controlled emission, where the final number of coins is fixed in advance, but the coins enter the market step by step through mining or validation rewards. Bitcoin is the classic case here. Its protocol limits the maximum supply to 21 million BTC, but new coins appear gradually according to a predefined schedule with halving events.
- Unlimited emission, where there is no strict maximum on the number of tokens that can ever exist. New units can be created continuously to reward validators, support the network or fund development. Ethereum (ETH) is an example where the supply is in principle open ended, even though protocol changes can influence the pace at which new ETH is issued or burned over time.
In each of these models, the issuer plays a critical role at the design stage, because emission rules have a direct impact on scarcity, perceived value and long term sustainability of the project.
Why regulation matters for issuers and investors
As the number of crypto assets continues to grow, more and more countries are adopting dedicated legislation for issuers and service providers. In the EU, MiCA now provides a single framework that replaces many fragmented national approaches and makes cross border activity easier for compliant projects. For investors, this means that key information must be disclosed in a standardised way and that certain minimum protections apply, at least for the regulated part of the market.
For issuers, this is both a challenge and an opportunity. On the one hand, they need to invest time and resources in proper documentation, governance and compliance. On the other hand, a clear regulatory status and a well prepared white paper can increase trust from investors, partners and regulated platforms, and can distinguish serious projects from purely speculative or fraudulent schemes.
How COREDO can assist issuers of crypto assets
If you are planning to issue a token or launch a crypto project that targets clients in the European Union, it is no longer enough to have only strong technology and marketing. You also need to understand how MiCA affects your business model, whether your token falls within its scope, which obligations may apply and how to structure your documentation in a way that is both compliant and understandable for investors.
Specialists at COREDO can help you: analyse your token model from a regulatory perspective, identify whether MiCA applies and at what level, prepare or review your white paper and related documentation in line with MiCA requirements without turning it into a purely legal text, and accompany you in communication with regulators and partners in the EU. This allows you to focus on building the product while knowing that the legal and regulatory side of the issuance is handled professionally.
