{"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":10,"total":10,"capped":false,"cap":1000,"next_cursor":null},"failures":[],"incomplete":[]},"page":{"path":"/mica/articles/49","url":"https://www.headlesslaw.com/mica/articles/49","title":"Article 49 — Issuance and redeemability of e-money tokens","work_id":"mica","date_state":"past","as_of":"2024-01-09","relations_url":"https://www.headlesslaw.com/mica/articles/49/relations"},"as_of":"2024-01-09","counts":{"uses_term:out":9,"refers_to:out":1},"relations":[{"edge_id":"0bf1a271cdf28900b0a4","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":"crypto-asset","dst_raw":"eu.mica.definition.crypto-asset","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/5","url":"/definitions/mica/crypto-asset","title":"Definitions","key":"3(1)(5)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.49","source_block_id":"eu.mica.article.49.paragraph.5"}},{"edge_id":"9904af2a593136106977","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.49","source_block_id":"eu.mica.article.49.paragraph.3"}},{"edge_id":"2206de3dd2d359ea437c","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":"electronic money","dst_raw":"eu.mica.definition.electronic-money","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/44","url":"/definitions/mica/electronic-money","title":"Definitions","key":"3(1)(44)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.49","source_block_id":"eu.mica.article.49.paragraph.4"}},{"edge_id":"36f2a9f543fe4965bdcc","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.49","source_block_id":"eu.mica.article.49.paragraph.4"}},{"edge_id":"519acbb2ef41a3d10f37","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":"e-money token","dst_raw":"eu.mica.definition.electronic-money-token","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/7","url":"/definitions/mica/electronic-money-token","title":"Definitions","key":"3(1)(7)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.49","source_block_id":"eu.mica.article.49.paragraph.4"}},{"edge_id":"cc4439e94b7e05d80ebf","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.49","source_block_id":"eu.mica.article.49.paragraph.4"}},{"edge_id":"f3b747b71e0ad31eeda2","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.49","source_block_id":"eu.mica.article.49.paragraph.2"}},{"edge_id":"943273701ec49bb5bf7c","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":"e-money tokens","dst_raw":"eu.mica.definition.electronic-money-token","other":{"work_id":"mica","level":"L1","locator":"mica/art/3/para/1/pt/7","url":"/definitions/mica/electronic-money-token","title":"Definitions","key":"3(1)(7)","state_on_date":"in_force"},"evidence":{"object":"eu.mica.legal_text.article.49","source_block_id":"eu.mica.article.49.paragraph.1"}},{"edge_id":"ccc275d4ccde10d8affe","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 11","dst_raw":"eu.emd.article.11","other":{"work_id":"emd","level":null,"locator":null,"url":null,"title":null,"key":"eu.emd.article.11","state_on_date":null},"evidence":{"object":"eu.mica.legal_text.article.49","source_block_id":"eu.mica.article.49.paragraph.1","target_act":"Directive 2009/110/EC","target_celex":"32009L0110"}},{"edge_id":"eea73781e1155eac263d","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.49","source_block_id":"eu.mica.article.49.paragraph.1"}}],"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)"}