Article 4 Calculation of the average number and average aggregate value of transactions

The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall calculate the quarterly average number and average aggregate value of transactions per day referred to in Article 22(1), point (d), of Regulation (EU) 2023/1114 for each single currency areameans one or several countries that have the same official currency;, as this information stands on the following reporting reference dates: 31 March, 30 June, 30 September and 31 December.

The value of the transactions referred in paragraph 1 shall be reported in the official currencymeans an official currency of a country that is issued by a central bank or other monetary authority; of the home Member Statemeans:where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person has its registered office;where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but does have one or more branches in the Union, the Member State chosen by that offeror or person from among the Member States where it has branches;where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made;in the case of an issuer of asset-referenced tokens, the Member State where the issuer of asset-referenced tokens has its registered office;in the case of an issuer of e-money tokens, the Member State where the issuer of e-money tokens is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC;in the case of crypto-asset service providers, the Member State where the crypto-asset service provider has its registered office; of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;.

1. where the basket of assets referenced by the asset referenced token includes one or more official currenciesmeans an official currency of a country that is issued by a central bank or other monetary authority; that are different from the official currencymeans an official currency of a country that is issued by a central bank or other monetary authority; referred to in paragraph 2 of this Article, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall determine the value of the respective transactions per day by using the relevant exchange rates applicable at the end of each calendar day during the applicable reporting period in accordance with the valuation, or the principles of valuation, of the asset referenced token referred to in Article 39(2), point (c), of Regulation (EU) 2023/1114;

2. where the basket of assets referenced by the asset referenced token includes assets other than an official currencymeans an official currency of a country that is issued by a central bank or other monetary authority;, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall determine the value of the respective transactions per day by using market prices calculated at the end of each calendar day during the applicable reporting period, whenever possible, in accordance with the valuation, or the principles of valuation, of the asset referenced token referred to in Article 39(2), point (c), and Article 36(11) and (12) of Regulation (EU) 2023/1114;

3. with respect 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, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall determine the value of the respective transactions per day by using the relevant exchange rates applicable at the end of each calendar day during the applicable reporting period.