Article 2
Indicators for assessing significance on international scale
1. When assessing whether the criterion set out in Article 43(1), point (e), of Regulation (EU) 2023/1114 is fulfilled, the EBA shall assess all of the following core indicators:
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(a) |
the significance of the market share of value of cross-border transactions in asset-referenced tokens or e-money tokens into the Union and from the Union; |
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(b) |
the significance of the estimated market share of value of cross-border transactions in asset-referenced tokens or e-money tokens into the Union and from the Union that are associated to uses as a means of exchange; |
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(c) |
the degree of market capitalisation on an international scale of an asset-referenced token or an e-money token on the last calendar day of the relevant period; |
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(d) |
the degree of market capitalisation on an international scale of all asset-referenced tokens and e-money tokens issued by the issuer or issuers concerned on the last calendar day of the relevant period. |
2. For the purposes of paragraph 1, point (a), the EBA shall consider all of the following sub-indicators:
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(a) |
the market share of value of cross-border transactions in asset-referenced tokens or e-money tokens into the Union (inflow transactions); |
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(b) |
the market share of value of cross-border transactions in asset-referenced tokens or e-money tokens from the Union (outflow transactions). |
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (a), in accordance with the following formula:
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the total aggregate value of transactions of which the payer is outside the Union and the payee is inside the Union in a given asset-referenced token or e-money token during the relevant period |
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the total aggregate value of transactions of which the payer is outside the Union and the payee is inside the Union in all asset-referenced tokens and e-money tokens during the relevant period |
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (b), in accordance with the following formula:
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the total aggregate value of transactions of which the payer is within the Union and the payee is outside the Union in a given asset-referenced token or e-money token during the relevant period |
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the total aggregate value of transactions of which the payer is within the Union and the payee is outside the Union in all asset-referrenced tokens and e-money tokens during the relevant period |
3. The EBA shall calculate the estimated market share referred to in paragraph 1, point (b), in accordance with the following formula:
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the estimated total aggregate value of cross-border transactions in a given asset-referenced token or e-money token into the Union and from the Union that are associated to its uses as a means of exchange during the relevant period |
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the estimated total aggregate value of cross-border transactions in all asset-referenced tokens and e-money tokens into the Union and from the Union that are associated to their uses as a means of exchange during the relevant period) |