{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":null,"checked_against":null},"truncation":{"shown":32,"total":32,"capped":false,"cap":1000,"next_cursor":null},"failures":[],"incomplete":[]},"page":{"path":"/mica/articles/35","url":"https://www.headlesslaw.com/mica/articles/35","title":"Article 35 — Own funds requirements","work_id":"mica","date_state":"past","as_of":"2024-06-30","relations_url":"https://www.headlesslaw.com/mica/articles/35/relations"},"as_of":"2024-06-30","counts":{"uses_term:out":19,"refers_to:out":9,"refers_to:in":4},"relations":[{"edge_id":"c2ad2eced95692c12f43","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"reserve of assets","dst_raw":"eu.mica.definition.reserve-of-assets","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/32","url":"/definitions/mica/reserve-of-assets","title":"Definitions","key":"3(1)(32)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.d"}},{"edge_id":"42a491ba34edbc04e105","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"reserve of assets","dst_raw":"eu.mica.definition.reserve-of-assets","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/32","url":"/definitions/mica/reserve-of-assets","title":"Definitions","key":"3(1)(32)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.b"}},{"edge_id":"e059f2263fa9313cb3eb","scope":"unit","type":"refers_to","direction":"out","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 36","dst_raw":"eu.mica.article.36","other":{"work_id":"mica","level":"L1","locator":"mica/art/36","url":"/mica/articles/36","title":"Obligation to have a reserve of assets, and composition and management of such reserve of assets","key":"36","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.b"}},{"edge_id":"015ae4ec5cfcdfe00213","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"home Member State","dst_raw":"eu.mica.definition.home-member-state","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/33","url":"/definitions/mica/home-member-state","title":"Definitions","key":"3(1)(33)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.4"}},{"edge_id":"af325559ae8c65464932","scope":"unit","type":"refers_to","direction":"out","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 45","dst_raw":"eu.mica.article.45","other":{"work_id":"mica","level":"L1","locator":"mica/art/45","url":"/mica/articles/45","title":"Specific additional obligations for issuers of significant asset-referenced tokens","key":"45","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.4"}},{"edge_id":"f3df2ae54ce436b3279a","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"competent authority","dst_raw":"eu.mica.definition.competent-authority","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/35","url":"/definitions/mica/competent-authority","title":"Definitions","key":"3(1)(35)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.4"}},{"edge_id":"7e6ecbdee644a2426145","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"funds","dst_raw":"eu.mica.definition.funds","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/14","url":"/definitions/mica/funds","title":"Definitions","key":"3(1)(14)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.5"}},{"edge_id":"ea4fa70bb6b516ebddd4","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"home Member State","dst_raw":"eu.mica.definition.home-member-state","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/33","url":"/definitions/mica/home-member-state","title":"Definitions","key":"3(1)(33)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.5"}},{"edge_id":"fbda9f7223cf6b9a3cb0","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"competent authority","dst_raw":"eu.mica.definition.competent-authority","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/35","url":"/definitions/mica/competent-authority","title":"Definitions","key":"3(1)(35)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.5"}},{"edge_id":"0696a08048edf34db45f","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"asset-referenced tokens","dst_raw":"eu.mica.definition.asset-referenced-token","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/6","url":"/definitions/mica/asset-referenced-token","title":"Definitions","key":"3(1)(6)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.1"}},{"edge_id":"1db30221ccb2dcfcd560","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"Issuers","dst_raw":"eu.mica.definition.issuer","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/10","url":"/definitions/mica/issuer","title":"Definitions","key":"3(1)(10)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.1"}},{"edge_id":"6bdc803f1b12fc85f6cb","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"funds","dst_raw":"eu.mica.definition.funds","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/14","url":"/definitions/mica/funds","title":"Definitions","key":"3(1)(14)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.1"}},{"edge_id":"e16d9800774b4c1e12b4","scope":"unit","type":"refers_to","direction":"out","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 67","dst_raw":"eu.mica.article.67","other":{"work_id":"mica","level":"L1","locator":"mica/art/67","url":"/mica/articles/67","title":"Prudential requirements","key":"67","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.1"}},{"edge_id":"4f0df78ed4a44a0d5742","scope":"unit","type":"refers_to","direction":"out","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 36","dst_raw":"eu.mica.article.36","other":{"work_id":"mica","level":"L1","locator":"mica/art/36","url":"/mica/articles/36","title":"Obligation to have a reserve of assets, and composition and management of such reserve of assets","key":"36","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.1.point.b"}},{"edge_id":"733263b36073e2fe1491","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"reserve of assets","dst_raw":"eu.mica.definition.reserve-of-assets","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/32","url":"/definitions/mica/reserve-of-assets","title":"Definitions","key":"3(1)(32)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.1.point.b"}},{"edge_id":"301397ec3b2f765a71fb","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"home Member State","dst_raw":"eu.mica.definition.home-member-state","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/33","url":"/definitions/mica/home-member-state","title":"Definitions","key":"3(1)(33)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3"}},{"edge_id":"46c1a725b6fa49023518","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"issuer","dst_raw":"eu.mica.definition.issuer","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/10","url":"/definitions/mica/issuer","title":"Definitions","key":"3(1)(10)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3"}},{"edge_id":"c869fcfd14647f77b3fd","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"competent authority","dst_raw":"eu.mica.definition.competent-authority","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/35","url":"/definitions/mica/competent-authority","title":"Definitions","key":"3(1)(35)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3"}},{"edge_id":"d84189aad4a28ca81d46","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"asset-referenced token","dst_raw":"eu.mica.definition.asset-referenced-token","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/6","url":"/definitions/mica/asset-referenced-token","title":"Definitions","key":"3(1)(6)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3"}},{"edge_id":"e18f745569b1e333f929","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"funds","dst_raw":"eu.mica.definition.funds","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/14","url":"/definitions/mica/funds","title":"Definitions","key":"3(1)(14)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3"}},{"edge_id":"977837ea3957f5f142eb","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"issuer","dst_raw":"eu.mica.definition.issuer","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/10","url":"/definitions/mica/issuer","title":"Definitions","key":"3(1)(10)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.a"}},{"edge_id":"bfbea5e996da59be8eee","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"asset-referenced token","dst_raw":"eu.mica.definition.asset-referenced-token","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/6","url":"/definitions/mica/asset-referenced-token","title":"Definitions","key":"3(1)(6)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.a"}},{"edge_id":"eadb9bee9a569effd1ff","scope":"unit","type":"refers_to","direction":"out","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 34","dst_raw":"eu.mica.article.34","other":{"work_id":"mica","level":"L1","locator":"mica/art/34","url":"/mica/articles/34","title":"Governance arrangements","key":"34","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.a"}},{"edge_id":"1c8fe7a97353cdc861b1","scope":"unit","type":"refers_to","direction":"out","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 39","dst_raw":"eu.mica.article.39","other":{"work_id":"mica","level":"L1","locator":"mica/art/39","url":"/mica/articles/39","title":"Right of redemption","key":"39","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.3.point.c"}},{"edge_id":"6a1bc4bab50b3b216020","scope":"unit","type":"uses_term","direction":"out","resolution":"resolved","basis":"curated_link_pass","method":"extracted_relationships","confidence":"high","src_from":"2024-01-09","src_until":null,"span":"funds","dst_raw":"eu.mica.definition.funds","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/14","url":"/definitions/mica/funds","title":"Definitions","key":"3(1)(14)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.2"}},{"edge_id":"a9cca111beece5233e55","scope":"unit","type":"refers_to","direction":"out","resolution":"unresolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 46(4)","dst_raw":"that Regulation","other":null,"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.2","target_act":"that Regulation","target_celex":null}},{"edge_id":"c6435e494647224617d3","scope":"unit","type":"refers_to","direction":"out","resolution":"unresolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 36","dst_raw":"that Regulation","other":null,"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.2","target_act":"that Regulation","target_celex":null}},{"edge_id":"ffee251de97ef8c2f12c","scope":"unit","type":"refers_to","direction":"out","resolution":"unresolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 48","dst_raw":"that Regulation","other":null,"evidence":{"object":"eu.mica.legal_text.article.35","source_block_id":"eu.mica.article.35.paragraph.2","target_act":"that Regulation","target_celex":null}},{"edge_id":"55798b3ab679b4bc068c","scope":"unit","type":"refers_to","direction":"in","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 35","dst_raw":"eu.mica.article.35","other":{"work_id":"mica","level":"L1","locator":"mica/art/117/para/1","url":"/mica/articles/117#p-1","title":"Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens","key":"117(1)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.117","source_block_id":"eu.mica.article.117.paragraph.1"}},{"edge_id":"70abdfbf0371f183e4db","scope":"unit","type":"refers_to","direction":"in","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 35","dst_raw":"eu.mica.article.35","other":{"work_id":"mica","level":"L1","locator":"mica/art/117/para/4","url":"/mica/articles/117#p-4","title":"Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens","key":"117(4)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.117","source_block_id":"eu.mica.article.117.paragraph.4"}},{"edge_id":"83af952543edaf740a56","scope":"unit","type":"refers_to","direction":"in","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 35","dst_raw":"eu.mica.article.35","other":{"work_id":"mica","level":"L1","locator":"mica/art/45/para/5","url":"/mica/articles/45#p-5","title":"Specific additional obligations for issuers of significant asset-referenced tokens","key":"45(5)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.45","source_block_id":"eu.mica.article.45.paragraph.5"}},{"edge_id":"cedcde9b1a9fe7dd4275","scope":"unit","type":"refers_to","direction":"in","resolution":"resolved","basis":"explicit_legal_cross_reference","method":"extracted_relationships","confidence":"medium","src_from":"2024-01-09","src_until":null,"span":"Article 35","dst_raw":"eu.mica.article.35","other":{"work_id":"mica","level":"L1","locator":"mica/art/120/para/1/pt/b","url":"/mica/articles/120#p-1-b","title":"Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens","key":"120(1)(b)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.120","source_block_id":"eu.mica.article.120.paragraph.1.point.b"}}],"not_served":["exempts","derogates_from"],"note":"inverse edges are computed from the stored direction; floating targets are resolved on as_of (other.state_on_date)"}