RTS on non-EU currencies

The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; should estimate the number and value of transactions associated to uses 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; as a means of exchange as referred to in Article 22(1), point (d), of Regulation (EU) 2023/1114 by deducting from the total number and value of transactions settled in the asset referenced token, during the relevant quarter, transactions where 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; is exchanged for fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; or other 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; with the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; or with 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;, transactions where 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; is used as collateral for the purpose of conducting transactions with financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; and transactions where 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; is used to settle a derivative contract. In addition, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; may also deduct other transactions with 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; where the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; has reasonable grounds to assume that the purpose of the respective transactions is not to pay for goods or services, provided that the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; is able to demonstrate 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;, upon request, that it had reasonable grounds to assume that those transactions do not relate to the use of 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; to pay for goods or services.

Transactions associated to uses 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; as a means of exchange should also include transactions where one or several 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; that are different from 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; are used to pay for goods and services, provided that those transactions are settled in 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;. That can include, for example, cases where 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; is used as a bridge asset to settle transactions with a crypto-assetmeans 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; different from 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;, where the purpose of that transaction is to pay for goods or services, and cases where 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; is used as a bridge asset to settle a transaction involving two 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; different from 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;, where the purpose of that transaction is to pay for goods or services. By contrast, transactions where the parties wish to trade or exchange two distinct 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; different from 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 agree to settle the transaction using 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;, without the purpose of the underlying transaction being to pay for goods or services, should not fall within the scope of the reporting in Article 22(1), point (d), of Regulation (EU) 2023/1114.

The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; should determine for each transaction in scope of Article 22(1), point (d), of Regulation (EU) 2023/1114 the single currency areameans one or several countries that have the same official currency; for which that transaction should be reported. The transactions referred to in Article 22(1), point (d), of that Regulation should cover transactions where both the payer and the payee are located in the same single currency areameans one or several countries that have the same official currency; within the Union.

To ensure that the quarterly average number and the average aggregate value of transactions per day are estimated on the basis of reliable and sound data and to enhance the quality of reporting, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; should have systems and procedures in place that allow it to reconcile the data received from the 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; of the payee or, in the case of transactions from a custodial walletmeans a crypto-asset wallet address where a crypto-asset service provider ensures the safekeeping or controlling, on behalf of its client, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; to a non-custodial walletmeans a crypto-asset wallet address where the user controls the means of access to the crypto-assets, where applicable in the form of private cryptographic keys., the data received from the 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; of the payer, pursuant to Article 22(3) of Regulation (EU) 2023/1114 and Implementing Regulation (EU) 2024/2902 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;.

In accordance with Article 58(3) of Regulation (EU) 2023/1114, the provisions of Articles 22 and 23, and Article 24(3) of that Regulation are to apply also 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. Accordingly, this Regulation should also apply mutatis mutandis to such e-money tokens.

This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.

The European Banking Authority has conducted open public consultations on the draft regulatory 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).,