{
  "attribution": {
    "source": "legal.exploreworldai.com",
    "canonical": "https://legal.exploreworldai.com/api/public/v1/obj/sme_kit/eu:mica--art-48",
    "cite_as": "NovaCopilot, legal.exploreworldai.com (https://legal.exploreworldai.com/api/public/v1/obj/sme_kit/eu:mica--art-48)",
    "license": "https://legal.exploreworldai.com/revision",
    "version": "legal-2026-10-09",
    "fingerprint": "ewai:se:19a0ff",
    "proof": "sha256:070102c788c49f32ba1a838ee9e92a169ab7dcb4cb107fbf018d889186b4c68d",
    "jurisdiction": "se",
    "lang": "en"
  },
  "brand_source": "Source: NovaCopilot",
  "object_type": "sme_kit",
  "object_id": "sme_kit:eu:mica--art-48",
  "schema_version": "1",
  "schema": "https://legal.exploreworldai.com/api/public/v1/schemas/sme_kit",
  "url": "https://legal.exploreworldai.com/api/public/v1/obj/sme_kit/eu:mica--art-48",
  "source": "NovaCopilot",
  "item": {
    "coverage": {
      "complete": 7,
      "total": 10,
      "label": "7 of 10 answers ready",
      "reasons": {
        "documentation": "not_in_register",
        "precedents": "insufficient_cases",
        "outcome_patterns": "insufficient_cases"
      }
    },
    "subject": "eu:mica--art-48",
    "act": "mica",
    "article": "48",
    "answers": [
      {
        "key": "obligations",
        "status": "ready",
        "ids": [
          "obligation:eu:mica-art-48-emt-issuer"
        ],
        "sha256": "479efe68e8dbf9323a8866f61d76e253900f85fbac0b8f290dcf27b09cfe6a3b"
      },
      {
        "key": "responsibility",
        "status": "ready",
        "ids": [
          "obligation:eu:mica-art-48-emt-issuer"
        ],
        "sha256": "3e00b6e62a1b6c3cc1420e8f56e4a198f708132a45eccceb917908b2d8ab07f3"
      },
      {
        "key": "sanctions",
        "status": "ready",
        "ids": [
          "sanction:eu:mica-art-111"
        ],
        "sha256": "e676f1c6f9154912d79df13378a158b59ad8115380ecfea59fbc26c4d7cb4d3e"
      },
      {
        "key": "risks",
        "status": "ready",
        "ids": [
          "risk_chain:eu:mica--emt-issuer"
        ],
        "sha256": "37d62cec025a514f5b17479b016ed2a7b54b476c0f1a1dec3ee01d3fb314b5fb"
      },
      {
        "key": "exceptions",
        "status": "ready",
        "ids": [
          "exception:eu:mica-small-offer",
          "exception:eu:mica-unique-non-fungible"
        ],
        "sha256": "7f21643b41cf293693c6b5d6bf35ebfe8b96922fccdf11bf9e88da00c9139742"
      },
      {
        "key": "documentation",
        "status": "gap",
        "ids": [],
        "sha256": null
      },
      {
        "key": "checklist",
        "status": "ready",
        "ids": [
          "obligation:eu:mica-art-48-emt-issuer"
        ],
        "sha256": "137e606c6c27beb22cf4685f2a2c5864e137afa59066e8a2ce6a818921161757"
      },
      {
        "key": "precedents",
        "status": "gap",
        "ids": [],
        "sha256": null
      },
      {
        "key": "provision_links",
        "status": "ready",
        "ids": [
          "provision_link:eu:mica"
        ],
        "sha256": "82e6332cd894ac504e2a3bff95bc1dd67e992397f92eb6aa7c2affea847ed9f3"
      },
      {
        "key": "outcome_patterns",
        "status": "gap",
        "ids": [],
        "sha256": null
      }
    ],
    "answers_full": [
      {
        "question": "Which obligations apply?",
        "key": "obligations",
        "status": "ready",
        "answer": "1 obligations: Issue e-money tokens only as an authorised credit institution or electronic money institution and publish a white paper.",
        "ids": [
          "obligation:eu:mica-art-48-emt-issuer"
        ],
        "urls": [
          "https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:mica-art-48-emt-issuer"
        ],
        "sha256": "479efe68e8dbf9323a8866f61d76e253900f85fbac0b8f290dcf27b09cfe6a3b",
        "reason": null
      },
      {
        "question": "Who is responsible?",
        "key": "responsibility",
        "status": "ready",
        "answer": "Responsible roles: emt-issuer.",
        "ids": [
          "obligation:eu:mica-art-48-emt-issuer"
        ],
        "urls": [
          "https://legal.exploreworldai.com/api/public/v1/obj/compliance_effect/eu:mica-art-48-emt-issuer"
        ],
        "sha256": "3e00b6e62a1b6c3cc1420e8f56e4a198f708132a45eccceb917908b2d8ab07f3",
        "reason": null
      },
      {
        "question": "Which sanctions can be triggered?",
        "key": "sanctions",
        "status": "ready",
        "answer": "1 sanctions, up to 3 % of global turnover; e.g. At least EUR 5 000 000 maximum for legal persons where Article 111 so requires.",
        "ids": [
          "sanction:eu:mica-art-111"
        ],
        "urls": [
          "https://legal.exploreworldai.com/api/public/v1/obj/sanction/eu:mica-art-111"
        ],
        "sha256": "e676f1c6f9154912d79df13378a158b59ad8115380ecfea59fbc26c4d7cb4d3e",
        "reason": null
      },
      {
        "question": "What are the risks?",
        "key": "risks",
        "status": "ready",
        "answer": "Risk level medium across 1 roles.",
        "ids": [
          "risk_chain:eu:mica--emt-issuer"
        ],
        "urls": [
          "https://legal.exploreworldai.com/api/public/v1/obj/risk_chain/eu:mica--emt-issuer"
        ],
        "sha256": "37d62cec025a514f5b17479b016ed2a7b54b476c0f1a1dec3ee01d3fb314b5fb",
        "reason": null
      },
      {
        "question": "Which exceptions apply?",
        "key": "exceptions",
        "status": "ready",
        "answer": "2 exceptions, e.g. Offer of crypto-assets other than asset-referenced or e-money tokens to fewer than 150 persons per member state, or with total consideration over 12 months not exceeding EUR 1 000 000, or addressed solely to qualified investors.",
        "ids": [
          "exception:eu:mica-small-offer",
          "exception:eu:mica-unique-non-fungible"
        ],
        "urls": [
          "https://legal.exploreworldai.com/api/public/v1/obj/exception/eu:mica-art-48-emt-issuer"
        ],
        "sha256": "7f21643b41cf293693c6b5d6bf35ebfe8b96922fccdf11bf9e88da00c9139742",
        "reason": null
      },
      {
        "question": "Which documentation is required?",
        "key": "documentation",
        "status": "gap",
        "answer": null,
        "ids": [],
        "urls": [],
        "sha256": null,
        "reason": "not_in_register"
      },
      {
        "question": "What does a compliance checklist look like?",
        "key": "checklist",
        "status": "ready",
        "answer": "1 checks across 1 roles.",
        "ids": [
          "obligation:eu:mica-art-48-emt-issuer"
        ],
        "urls": [],
        "sha256": "137e606c6c27beb22cf4685f2a2c5864e137afa59066e8a2ce6a818921161757",
        "reason": null
      },
      {
        "question": "Which precedents support the answer?",
        "key": "precedents",
        "status": "gap",
        "answer": null,
        "ids": [],
        "urls": [],
        "sha256": null,
        "reason": "insufficient_cases"
      },
      {
        "question": "How are the rules linked to other rules?",
        "key": "provision_links",
        "status": "ready",
        "answer": "Provision relations for mica.",
        "ids": [
          "provision_link:eu:mica"
        ],
        "urls": [
          "https://legal.exploreworldai.com/api/public/v1/obj/provision_link/eu:mica"
        ],
        "sha256": "82e6332cd894ac504e2a3bff95bc1dd67e992397f92eb6aa7c2affea847ed9f3",
        "reason": null
      },
      {
        "question": "How do courts usually rule in similar situations?",
        "key": "outcome_patterns",
        "status": "gap",
        "answer": null,
        "ids": [],
        "urls": [],
        "sha256": null,
        "reason": "insufficient_cases"
      }
    ],
    "checklist": [
      {
        "step": 1,
        "role": "emt-issuer",
        "check": "Issue e-money tokens only as an authorised credit institution or electronic money institution and publish a white paper.",
        "provision": "mica 48",
        "deadline": null,
        "if_not": [
          "sanction:eu:mica-art-111"
        ],
        "done": false
      }
    ],
    "links": {
      "act_kit": "https://legal.exploreworldai.com/api/public/v1/obj/sme_kit/eu:mica",
      "provisions": [],
      "case_kits": [],
      "documentation": "https://legal.exploreworldai.com/api/public/v1/obj/documentation_requirement/eu:mica--art-48",
      "list": "https://legal.exploreworldai.com/api/public/v1/sme-kits",
      "changes": "https://legal.exploreworldai.com/api/public/v1/objects/changes?type=sme_kit"
    },
    "method": "Ten fixed business questions answered from existing deterministic registers. Gaps carry fixed reason codes. No model writes anything.",
    "hash": "b6778974bedd915882d7bd8b98f96498b29a58aa606c85a05c34a2a1b070b184"
  },
  "links": {
    "provisions": "https://legal.exploreworldai.com/api/public/v1/obj/provision_link/eu:mica--art-48",
    "case_law": {
      "outcome": "https://legal.exploreworldai.com/api/public/v1/obj/outcome/eu:mica--art-48",
      "outcome_pattern": "https://legal.exploreworldai.com/api/public/v1/obj/outcome_pattern/eu:mica--art-48"
    },
    "evidence": {
      "provenance": null,
      "chain_verify": "https://legal.exploreworldai.com/api/public/v1/changes/verify",
      "object_changes": "https://legal.exploreworldai.com/api/public/v1/objects/changes"
    },
    "compact": "https://legal.exploreworldai.com/api/public/v1/obj/sme_kit/eu:mica--art-48?view=compact",
    "representations": {},
    "machine_languages": [
      "en",
      "sv"
    ],
    "ref": "eu:mica--art-48"
  },
  "watch": {
    "changes": "https://legal.exploreworldai.com/api/public/v1/changes",
    "whats_new": "https://legal.exploreworldai.com/api/public/v1/whats-new?jurisdiction=eu",
    "conditional": "Send If-None-Match with the ETag; unchanged objects return 304 without body.",
    "recheck_after_seconds": 86400
  },
  "hash": "sha256:070102c788c49f32ba1a838ee9e92a169ab7dcb4cb107fbf018d889186b4c68d",
  "version": "legal-2026-10-09",
  "expires": "2026-10-10T00:00:00.000Z",
  "dependency": {
    "index_version": "legal-2026-10-09+legal-2026-10-09+2026-10-09T20:29:16",
    "content_hash": "sha256:070102c788c49f32ba1a838ee9e92a169ab7dcb4cb107fbf018d889186b4c68d",
    "revalidate_after": "2026-10-09T22:14:36.625Z",
    "max_copy_age_seconds": 3600,
    "policy": "revalidate-required; attribution-preferred",
    "changelog": "https://legal.exploreworldai.com/api/public/v1/dependency",
    "verify": "https://legal.exploreworldai.com/api/public/v1/verify",
    "stale_copy_invalid": true
  },
  "canonical": "https://legal.exploreworldai.com/api/public/v1/obj/sme_kit/eu:mica--art-48",
  "disclaimer": "Source reference with official identifier. Not legal advice and not a compliance decision.",
  "content_notice": {
    "legal_advice": false,
    "nature": "Source register. Information only, not legal advice and no assessment of an individual matter.",
    "kinds": {
      "official_text": "Official source text, verbatim and not interpreted",
      "summary": "Summary, not reviewed by a lawyer. Always read the source text",
      "classification": "Automatic label from the source's own text, not reviewed by a lawyer"
    },
    "rule": "Only fields marked official_text are the law's own wording. Everything else points to it.",
    "report_error": "https://legal.exploreworldai.com/api/public/v1/corrections",
    "ai_act_declaration": "https://legal.exploreworldai.com/api/public/v1/ai-act-declaration"
  },
  "usageInfo": "https://legal.exploreworldai.com/citering"
}