Source: OJ L, 2024/2902, 28.11.2024
Current language: EN
ITS on non-EU currency reporting
COMMISSION IMPLEMENTING REGULATION (EU) 2024/2902
of 20 November 2024
laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to reporting related to asset-referenced tokens and to e-money tokens denominated in a currency that is not an official currency of a Member State
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937(1)OJ L 150, 9.6.2023, p. 40–205, ELI: http://data.europa.eu/eli/reg/2023/1114/oj., and in particular Article 22(7), third subparagraph, thereof,
Whereas:
Recital 1
For the purposes of the reporting referred to in Article 22(1), point (a), of Regulation (EU) 2023/1114, issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; should provide the number of holders with a breakdown by the holders’ location and within that location the number for custodial wallet holders and the number for non-custodial wallet holders or holders of any other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are used for settlement purposes and are not controlled by the holder or by a crypto asset service provider. Within those two categories of wallet holders, namely, custodial and non-custodial, issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; should provide, with an additional breakdown, the number of retail holdersmeans any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;. All those breakdowns are necessary for the competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;, as information on the concentration of holders and on the volumes for the retail holdersmeans any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession; are relevant for the supervisors to meet the objectives of Regulation (EU) 2023/1114 and ensure the proper functioning of markets in crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, market integrity and financial stability in the Union, as well as the protection of holders of crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, in particular retail holdersmeans any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;. The information provided with the breakdown by location of the holders should also be used to determine which competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; will qualify to be members of a college under Article 119(2), point (l), of Regulation (EU) 2023/1114, following the criteria set out in Commission Delegated Regulation [C(2024)6911](2)Commission Delegated Regulation [C(2024)6911] of 31 October 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for the establishment and functioning of consultative supervisory colleges (not yet published in the Official Journal)..
Recital 2
For the purposes of the reporting referred to in Article 22(1), point (b), of Regulation (EU) 2023/1114, and to ensure proper supervision of the requirements on reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; under Articles 36 and 38 of that Regulation, Commission Delegated Regulation establishing regulatory technical standards adopted pursuant to Article 36(4) of Regulation (EU) 2023/1114, and Commission Delegated Regulation establishing regulatory technical standards adopted pursuant to Article 38(5) of Regulation (EU) 2023/1114, issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; should provide the size of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; in a broken-down manner to reflect the value and the composition of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;, including liquidity management measures.
Recital 3
In accordance with Article 22(1), second subparagraph, of Regulation (EU) 2023/1114, transactions to be reported in accordance with Article 22(1), points (c) and (d), of Regulation (EU) 2023/1114 are only transactions that lead to a change of the natural or legal person entitled to the asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; and include transactions settled on the distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; (‘on-chain transactions’) and transactions settled outside the distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; (‘off-chain transactions’). Furthermore, the concept of ‘transaction’ referred to in Article 22(1), second subparagraph, of that Regulation is not concerned with the type of wallets used by the originator or by the beneficiary for sending or receiving a transaction. Accordingly, the reporting requirements referred to in Article 22(1), points (c) and (d), of that Regulation should include transactions between custodial wallets and transactions between a custodial wallet, on the one hand, and a non-custodial wallet or other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are not controlled by a holder of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by a crypto asset service provider, on the other hand. In addition, the reporting requirement referred to in Article 22(1), point (c), of Regulation (EU) 2023/1114 should also cover transactions between non-custodial wallets and between non-custodial wallets and other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are not controlled by a holder of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;. Since issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; have limited information on the holders involved in those transactions, in some cases it cannot be determined whether those transactions are transactions to be reported under Article 22(1) of that Regulation. Therefore, to have the most accurate information possible on those transactions, the reporting requirement referred to in Article 22(1), point (c), of that Regulation should also include information on transfers between non-custodial wallets and between non-custodial wallets and other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are used for settlement purposes and are not controlled by a holder of an asset referenced token or by a crypto asset service provider. As transactions are a subset of transfers, such additional information on transfers between non-custodial wallets and between non-custodial wallets and other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are not controlled by a holder of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; could be used as a proxy and provide useful information on the number and value of the transactions between non-custodial wallets and between non-custodial wallets and other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are not controlled by a holder of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;.
Recital 4
For the purposes of the reporting requirement referred to in Article 22(1), point (c), of Regulation (EU) 2023/1114, issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; should provide the information on the transactions with a breakdown for geographical distribution, meaning the countries of holders involved in the transactions. Such a breakdown would provide useful information on the concentration of transactions for the competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; performing their supervisory roles. The information provided with the breakdown by countries of the transactions will be also used to determine which competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; will qualify to be members of a college under Article 119 of Regulation (EU) 2023/1114, as provided for in Delegated Regulation [C(2024)6911]. That breakdown is not required for the transactions and transfers between non-custodial wallets or between non-custodial wallets and other types of distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses that are not controlled by a holder of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; or by a crypto asset service provider, due to the limited information issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; have on the holders involved in such transactions and transfers.
Recital 5
To be effective, the reporting framework should include reporting reference dates and remittance dates ensuring proper and timely sharing of data so that the data relates to the same period and is submitted at the same time for all reporting entities, and to allow the comparability of data across the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; and competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;, while using standardised formats and templates.
Recital 6
Continuity of reporting should be ensured in cases where temporary changes in the issue value of the tokens would make that value go below the threshold referred to in Article 22(1) of Regulation (EU) 2023/1114. Therefore, it is necessary to require reporting for extra time so as to confirm whether the drop below the threshold is temporary. That would not have an impact on the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, as they will already have their reporting systems in place.
Recital 7
For the purposes of the reporting requirement referred to in Article 22(3) of Regulation 2023/1114, some information which crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; should provide to the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; could include personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679; when it relates to natural persons. That includes full names accompanied by national identification numbers, official tax registration numbers, or passport numbers. The collection of such personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679; in that case is necessary in order to achieve the objectives of Regulation (EU) 2023/1114 as, without that information, the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; could not determine the precise number of holders of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; and they would be double counting holders having multiple accounts with different crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;. Such imprecise data would distort the information reported to the competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; about the number of holders of an asset-reference token and would therefore hinder proper supervision by the competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;. As a result, there is no other way to accurately reflect the information on the holders of asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; in the reporting and the usual measures for limiting or protecting personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679; sharing, such as pseudonymisation, cannot be applied in that case.
Recital 8
For the purposes of the reporting requirement referred to in Article 22(3) of Regulation 2023/1114, crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; should also provide to the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; the public distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; addresses they use for making transfers on behalf of their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;. Such information is necessary for issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; to be able to identify which transactions registered on the distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; take place between non-custodial wallets and to report the transactions in scope of the reporting obligations.
Recital 9
To ensure that the information reported to the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; is correct and complete, issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; should have systems and procedures in place that allow the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; to reconcile the data received from the crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; pursuant to Article 22(3) of Regulation (EU) 2023/1114. Such systems and procedures should also allow the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; to reconcile the data reported by crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; with the data available to the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; from other sources, including, where applicable, transactional data available on the distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism;.
Recital 10
Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; should implement in their internal policies a maximum retention period for the personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679; of the individual holders shared by the crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;. Considering the objective of ensuring compliance with the reporting obligations pursuant to Article 22(1) of Regulation (EU) 2023/1114, that maximum retention period should not exceed 5 years from the date of obtaining the personal datameans personal data as defined in Article 4, point (1), of Regulation (EU) 2016/679;.
Recital 11
This Regulation should also apply mutatis mutandis to e-money tokens denominated in a currency that is not an official currencymeans an official currency of a country that is issued by a central bank or other monetary authority; of a Member State, given that Article 22 of Regulation (EU) 2023/1114 applies to e-money tokens denominated in such a currency.
Recital 12
The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 of the European Parliament and of the Council(3)Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39, ELI: http://data.europa.eu/eli/reg/2018/1725/oj). and delivered an opinion on 16 July 2024.
Recital 13
To align with the date of application of Regulation (EU) 2023/1114 with respect to crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, the date of application of this Regulation should be deferred.
Recital 14
This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Banking Authority.
Recital 15
The European Banking Authority has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(4)Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331 15.12.2010, p. 12, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).,
HAS ADOPTED THIS REGULATION:
- Annex I
- Annex IIREPORTING FOR ISSUERS OF ASSET-REFERENCED TOKEN AND OF E-MONEY TOKENS DENOMINATED IN A CURRENCY THAT IS NOT AN OFFICIAL CURRENCY OF A MEMBER STATE - INSTRUCTIONS
- Annex IIIREPORTING FOR CRYPTO-ASSET SERVICE PROVIDERS
- Annex IVREPORTING FOR CRYPTO-ASSET SERVICE PROVIDERS - INSTRUCTIONS
- Annex V
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 20 November 2024.
For the Commission
The President
Ursula VON DER LEYEN