Source: OJ L, 2025/298, 13.2.2025

Current language: EN

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

Summary What does Article 4 of the RTS on non-EU currencies say?

This article sets out the practical mechanics for how issuers must calculate and report the transaction data that Article 3 instructs them to estimate.

It establishes the reporting cadence, the currency in which values must be expressed, and the specific valuation methods to be applied depending on the nature of the assets backing the token — covering scenarios ranging from foreign currency baskets to non-currency assets and e-money tokens denominated outside EU official currencies.

Important points:

  • Calculate the quarterly average number and aggregate value of transactions per day for each single currency area, measured at four fixed reference dates each year: 31 March, 30 June, 30 September, and 31 December.
  • Report all transaction values in the official currency of your home Member State.
  • Apply end-of-day exchange rates or market prices to determine transaction values, with the specific method depending on whether the referenced asset basket contains foreign official currencies, other assets, or relates to e-money tokens not denominated in an EU official currency.

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

    1. The issuer 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 area, as this information stands on the following reporting reference dates: 31 March, 30 June, 30 September and 31 December.

    1. The value of the transactions referred in paragraph 1 shall be reported in the official currency of the home Member State of the issuer.

    1. The issuer shall determine the value of the transactions referred to in paragraph 1 as follows:

      1. where the basket of assets referenced by the asset referenced token includes one or more official currencies that are different from the official currency referred to in paragraph 2 of this Article, the issuer 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 currency, the issuer 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 currency of a Member State, the issuer 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.

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