What is MiCA's right of withdrawal from a crypto transaction?

Article 13 of MiCA introduces an essential right for retail crypto-asset holders - the right of withdrawal. This rule grants retail holders a 14-day period to withdraw from their crypto-asset agreement without incurring any fees or costs and without any explanations.

However, it's crucial to note that not all crypto assets fall under this right, as asset-referenced tokens and e-money tokens are excluded.

Additionally, this right becomes void if the crypto-assets were admitted to trading before their purchase by the retail holder. Where offerors have set a time limit on their offer, the right of withdrawal shall not be exercised after the end of the subscription period.

If a retail holder decides to withdraw, all payments made, including any charges, must be reimbursed without undue delay - no later than 14 days from the notification of withdrawal. The reimbursement shall use the same payment method initially chosen by the retail holder.

Finally, it is worth noting that the right of withdrawal should be clearly stated in the crypto-asset white paper.