Commission Delegated Regulation (EU) 2025/298 of 31 October 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the methodology to estimate the number and value of transactions associated to uses of asset-referenced tokens and of e-money tokens denominated in a currency that is not an official currency of a Member State as a means of exchange
Subject matter
1. This Regulation specifies the methodology to estimate the quarterly average number and average aggregate value of transactions per day that are associated to uses of an asset-referenced token as a means of exchange within a single currency area, in accordance with Article 22(1), point (d), of Regulation (EU) 2023/1114.
2. In accordance with Article 58(3) of Regulation (EU) 2023/1114, this Regulation also applies mutatis mutandis to e-money tokens denominated in a currency that is not an official currency of a Member State.
Definitions
For the purposes of this Regulation, the following definitions shall apply:
(1)
‘single currency area’ means one or several countries that have the same official currency;
(2)
‘custodial wallet’ means 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;
(3)
‘non-custodial wallet’ means 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.
Transactions associated to uses of an asset referenced token as a means of exchange
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:
(a)
transactions where the asset-referenced token is exchanged for funds or other crypto-assets with the issuer or with a crypto-asset service provider;
(b)
transactions where the asset-referenced token is used as collateral for the purpose of conducting transactions with financial instruments;
(c)
transactions where the asset-referenced token is used to settle a derivative contract;
(d)
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.
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.
2. 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.
3. The transactions referred to in paragraph 1 shall include the following:
(a)
transactions settled on a distributed ledger;
(b)
transactions settled outside a distributed ledger;
(c)
transactions between custodial wallets;
(d)
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.
4. The transactions referred to in paragraph 1 shall not include transfers between different accounts or addresses of the same person.
5. 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.
Calculation of the average number and average aggregate value of transactions
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.
2. The value of the transactions referred in paragraph 1 shall be reported in the official currency of the home Member State of the issuer.
3. The issuer shall determine the value of the transactions referred to in paragraph 1 as follows:
(a)
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;
(b)
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;
(c)
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.
Data quality
1. The issuer shall have systems and procedures in place to ensure that the data submitted to the competent authority pursuant to Article 22(1), point (d), of Regulation (EU) 2023/1114 is correct, complete and submitted within the timeframe set out in Implementing Regulation (EU) 2024/2902.
2. The systems and procedures referred to in paragraph 1 shall allow the issuer to reconcile the data received from the crypto-asset service provider of the payee, or, in the case of transactions from a custodial wallet to a non-custodial wallet, the data received from the crypto-asset service provider of the payer pursuant to Article 22(3) of (EU) Regulation 2023/1114 and Implementing Regulation (EU) 2024/2902 with the data available to the issuer from other sources, including, where applicable, transactional data available on the distributed ledger.
Entry into force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
