Art. 3 Transactions associated to uses of an asset referenced token as a means of exchange | RTS on non-EU currencies | MiCA

This is the core operational article of the regulation, directly supporting the methodology introduced in Article 1.

It instructs issuers on how to isolate transactions that genuinely represent the use of an asset-referenced token as a means of exchange — that is, transactions used to pay for goods or services — by stripping out those that serve other purposes, such as exchange for funds or other crypto-assets, use as collateral, or settlement of derivative contracts.

The article also draws clear boundaries around what counts as an in-scope transaction, covering both on-chain and off-chain activity, while excluding internal transfers and cross-currency-area transactions.

Important points:

Issuers must calculate their transaction estimates by starting from total transaction volume and deducting categories of non-payment activity, and must be able to justify to the competent authority any additional exclusions made on the basis of reasonable grounds.
Include transactions settled both on and off a distributed ledger, as well as those involving custodial and non-custodial wallets, to ensure the estimate captures the full picture of exchange activity.
Only include transactions where both payer and payee are located within the same single currency area inside the Union, with location determined by habitual residence for natural persons and registered office for legal persons.

1. The issuer shall estimate the number and value of transactions associated to uses of an asset-referenced token 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 with that token during the relevant quarter the following:
  1. transactions where the asset-referenced token is exchanged for funds or other crypto-assets with the issuer or with a crypto-asset service provider;
  2. transactions where the asset-referenced token is used as collateral for the purpose of conducting transactions with financial instruments;
  3. transactions where the asset-referenced token is used to settle a derivative contract;
  4. other transactions with the asset-referenced token where the issuer has reasonable grounds to assume that the purpose of the respective transactions is not to pay for goods or services.
2. In order to exclude from the estimate referred to in the first subparagraph the transactions referred to in point (d) of the first subparagraph, the issuer shall be able to demonstrate to the competent authority, upon request, that it had reasonable grounds to assume that those transactions do not relate to the use of the asset-referenced token to pay for goods or services.
1. Transactions associated to uses of an asset-referenced token as a means of exchange shall include transactions where one or several crypto-assets that are different from the asset-referenced token are used to pay for goods and services, provided that those transactions are settled in the asset-referenced token.
1. The transactions referred to in paragraph 1 shall include the following:
  1. transactions settled on a distributed ledger;
  2. transactions settled outside a distributed ledger;
  3. transactions between custodial wallets;
  4. transactions between a custodial wallet and a non-custodial wallet or other type of distributed ledger addresses that is not controlled by a holder of the asset-referenced token or a crypto-asset service provider.
1. The transactions referred to in paragraph 1 shall not include transfers between different accounts or addresses of the same person.
1. The transactions referred to in paragraph 1 shall only include transactions where both the payer and the payee are located in the same single currency area within the Union. The location of a payer or a payee refers to their habitual residence, for natural persons, and to the registered office address, for legal persons.