SAFE Token MiCA Whitepaper
The EU's Markets in Crypto-Assets Regulation (MiCA) (EU 2023/1114) introduces a harmonised legal framework for crypto-assets across the 27 EU member states. It sets out disclosure, governance, and consumer-protection requirements for token issuers, exchanges, and wallet providers operating in the European Union.
The Safe Ecosystem Foundation has prepared a MiCA white paper for the SAFE Token in accordance with these requirements. This page is the official home of that white paper and any subsequent modifications, in line with the obligations set out in Article 12 of MiCA.
Public Notification
Article 12 of MiCA (EU 2023/1114)
The Safe Ecosystem Foundation (the "Foundation") published a modified version of its MiCA white paper on May 14th, 2026 (the "Modified White Paper"), which is available for download on this page. The Modified White Paper was notified to the Central Bank of Ireland on 1 May 2026. The original notification was made on 31 October 2025.
Reasons for modification
This update reflects the introduction, within the Safe Project, of the beta version of Safenet, a decentralised transaction security network that enforces protocol-level security controls prior to the execution of Safe transactions.
The launch of the Safenet beta introduces an additional functionality for the SAFE Token: it can be used to operate a Validator on Safenet, and Delegators may stake their SAFE tokens to a Validator of their choice. Validators thereby contribute to securing Safenet, in a role comparable to that of validators in traditional proof-of-stake networks, while Delegators support this security mechanism by delegating their stake.
The Foundation has also taken this opportunity to improve the formatting of the white paper and to update certain non-material information, ensuring that all disclosures are accurate and up to date as of the notification date. These changes do not affect the nature of the SAFE Token or the rights of Token holders.
What the white paper covers
The SAFE Token white paper sets out the information required by Title II of MiCA for a utility crypto-asset.
Issuer information
Details on the Safe Ecosystem Foundation as the entity preparing the white paper, including governance, jurisdiction, and contact information.
Characteristics of the SAFE Token
Total supply, distribution, transferability, and the role of the SAFE Token within the Safe ecosystem and SafeDAO governance.
Governance, utility, and Safenet staking
How the SAFE Token is used to govern SafeDAO and to operate Validators on Safenet, and how Delegators may stake their tokens with a Validator of their choice.
Rights, risks, and underlying technology
Rights attached to the SAFE Token, principal risks associated with holding it, and the underlying smart-contract technology that supports the Safe protocol.
All versions of the white paper
Every version of the SAFE Token white paper notified under Article 12 of MiCA remains available below. The most recent version is the applicable one; earlier versions are retained as an archive for reference.
| Version | Notified to the Central Bank of Ireland | Published | Status | Download |
|---|---|---|---|---|
Modified White Paper v2-2026-05-14 | Applicable | Read XHTML | ||
Original White Paper v1-2025-10-31 | Superseded | Download XLSX |