Source: OJ L, 2025/297, 13.2.2025

Article 3 Reference period and transactions

Summary What does Article 3 of the RTS on consultative supervisory colleges say?

This short but important definitional article underpins the measurement criteria established in Articles 1 and 2.

It does two things: it anchors the "reference period" used throughout those articles to a concrete timeframe, and it provides a precise definition of what counts as a "transaction" for the purposes of the quantitative thresholds set out in those articles.

Important points:

The reference period used to assess relevant entities and large-scale usage is the most recent six-month period covered by the reporting obligation under Article 22(1) of Regulation (EU) 2023/1114.
A "transaction" is defined as any change of the natural or legal person entitled to an asset-referenced token or e-money token resulting from a transfer between distributed ledger addresses or accounts.
This definition of transaction is specifically scoped to Articles 1(2) and (4) and Article 2(1)(b), meaning it does not apply universally across the entire regulation.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

1. The reference period referred to in Articles 1 and 2 shall be the most recent six-month period covered by the reporting obligation referred to in Article 22(1) of Regulation (EU) 2023/1114.
1. For the purpose of Article 1(2) and (4), and of Article 2(1), point (b), ‘transaction’ shall mean any change of the natural or legal person entitled to an asset-referenced token or an e-money token as a result of the transfer of that token from one distributed ledger address or account to another.

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