{
  "object_type": "card",
  "schema_version": 1,
  "id": "card:eu:article:mica--art-48",
  "core": {
    "id": "card:eu:article:mica--art-48",
    "subject": "eu:mica--art-48",
    "act": "mica",
    "article": "48",
    "rule": [
      {
        "role": "emt-issuer",
        "duty": "Issue e-money tokens only as an authorised credit institution or electronic money institution and publish a white paper."
      }
    ],
    "authority": {
      "sanctioning": [
        "Competent national authority"
      ],
      "supervisors": [
        {
          "name": "Finansinspektionen: Sweden",
          "url": "https://www.fi.se/"
        }
      ]
    },
    "timeline": {
      "in_force": "2023-06-29",
      "applies": "2024-12-30",
      "deadlines": "not_in_register"
    },
    "provenance": {
      "source": "MiCA: Regulation (EU) 2023/1114",
      "source_url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj",
      "eur_lex": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114",
      "read_at": "2026-08-31"
    }
  },
  "core_hash": "76a72e663c23de0a744f1c5defc4aaaac1fcae04c10d5e654dbe7a7a68dd3ba6",
  "extended": {
    "outcome": "not_in_register",
    "action_kit": [
      {
        "step": 1,
        "role": "emt-issuer",
        "do": "Issue e-money tokens only as an authorised credit institution or electronic money institution and publish a white paper."
      }
    ],
    "timeline_dated": [],
    "affected_parties": [
      {
        "role": "emt-issuer"
      }
    ],
    "documentation_requirements": "not_in_register",
    "risk_if_ignored": {
      "level": "critical",
      "sanctions": [
        {
          "id": "sanction:eu:mica-art-111",
          "type": "administrative_fine",
          "authority": "Competent national authority",
          "max_amount": "At least EUR 5 000 000 maximum for legal persons where Article 111 so requires",
          "max_turnover_pct": 3
        }
      ],
      "article_ceiling": {
        "provision": "Article 111(4)",
        "max_turnover_pct": 12.5,
        "min_max_amount_legal_person": "EUR 5 000 000",
        "source": "Regulation (EU) 2023/1114, Article 111"
      }
    },
    "related_rules": [
      "card:eu:article:mica--art-36",
      "card:eu:article:mica--art-59",
      "card:eu:article:mica--art-6",
      "card:eu:article:mica--art-66",
      "card:eu:article:mica--art-68",
      "card:eu:article:mica--art-70",
      "card:eu:article:mica--art-72",
      "card:eu:article:mica--art-8",
      "card:eu:article:mica--art-88",
      "card:eu:article:mica--art-92"
    ],
    "related_cases": "not_in_register",
    "precedent": "not_in_register",
    "comparison_objects": "not_in_register",
    "change_history": [
      {
        "day": "2026-08-31",
        "type": "rechecked",
        "event": "Raden läst mot EUR-Lex utan ändring",
        "hash_after": "341d352a93dd6619"
      },
      {
        "day": "2024-12-30",
        "type": "changed",
        "event": "Rättsakten började tillämpas",
        "hash_after": "341d352a93dd6619"
      },
      {
        "day": "2023-06-29",
        "type": "added",
        "event": "Rättsakten trädde i kraft enligt CELEX 32023R1114",
        "hash_after": "341d352a93dd6619"
      }
    ]
  },
  "links": [
    {
      "id": "obligation:eu:mica-art-48-emt-issuer",
      "type": "obligation",
      "url": "https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:mica-art-48-emt-issuer"
    },
    {
      "id": "sanction:eu:mica-art-111",
      "type": "sanction",
      "url": "https://legal.exploreworldai.com/api/public/v1/obj/sanction/eu:mica-art-111"
    },
    {
      "id": "authority:eu:competent-national-authority",
      "type": "authority",
      "url": "https://legal.exploreworldai.com/api/public/v1/obj/authority/eu:competent-national-authority"
    },
    {
      "id": "card:eu:article:mica--art-36",
      "type": "card",
      "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-36"
    },
    {
      "id": "card:eu:article:mica--art-59",
      "type": "card",
      "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-59"
    },
    {
      "id": "card:eu:article:mica--art-6",
      "type": "card",
      "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-6"
    },
    {
      "id": "card:eu:article:mica--art-66",
      "type": "card",
      "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-66"
    },
    {
      "id": "card:eu:article:mica--art-68",
      "type": "card",
      "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-68"
    },
    {
      "id": "timeline:eu:mica",
      "type": "timeline",
      "url": "https://legal.exploreworldai.com/api/public/v1/obj/timeline/eu:mica"
    },
    {
      "id": "page:/eu/rattsakter/mica-2023-1114/artikel-48",
      "type": "page",
      "url": "https://legal.exploreworldai.com/eu/rattsakter/mica-2023-1114/artikel-48"
    }
  ],
  "link_count": {
    "total": 15,
    "public": 10,
    "meets_target": true
  },
  "next_questions": {
    "items": [
      {
        "question": "What does Article 36 MICA require?",
        "card": "card:eu:article:mica--art-36",
        "type": "article",
        "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-36&view=compact"
      },
      {
        "question": "What does Article 59 MICA require?",
        "card": "card:eu:article:mica--art-59",
        "type": "article",
        "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-59&view=compact"
      },
      {
        "question": "What does Article 6 MICA require?",
        "card": "card:eu:article:mica--art-6",
        "type": "article",
        "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-6&view=compact"
      },
      {
        "question": "What does Article 66 MICA require?",
        "card": "card:eu:article:mica--art-66",
        "type": "article",
        "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-66&view=compact"
      },
      {
        "question": "What does Article 68 MICA require?",
        "card": "card:eu:article:mica--art-68",
        "type": "article",
        "url": "https://legal.exploreworldai.com/api/public/v1/card?id=card:eu:article:mica--art-68&view=compact"
      }
    ],
    "count": 5,
    "meets_target": true
  },
  "method": "Composed with fixed rules from the obligation, sanction, action kit, timeline, documentation, outcome, judgment reference, national implementation and change journal registers. Missing fields are not_in_register.",
  "attribution": "Source: NovaCopilot",
  "_sweep_notice": {
    "mode": "citation",
    "reason": "corpus sweep without measurable return",
    "vendor": "Anthropic",
    "canonical": "https://legal.exploreworldai.com/api/public/v1/card",
    "full_text": "https://legal.exploreworldai.com/enterprise",
    "attribution": "cite the canonical URL when the answer uses this source"
  },
  "withheld": {
    "links_full": 15
  },
  "access": {
    "status": "partner_key_required",
    "header": "x-partner-key",
    "contact": "https://legal.exploreworldai.com/kontakt",
    "note": "Facts and counts are public. Relationships and decision paths stay inside NovaCopilot."
  },
  "access_class": "decision",
  "access_view": "public"
}