Article 2
Conditions under which an asset-referenced token or an e-money token is deemed to be used at large scale as referred to in Article 119(2), point (l) of Regulation (EU) 2023/1114
1. For the purpose of Article 119(2), point (l) of Regulation (EU) 2023/1114, a significant asset-referenced token or a significant e-money token shall be deemed to be used at large scale in a Member State, where:
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(a) |
the number of holders of the significant asset-referenced token or of the significant e-money token located in that Member State, on at least one day during the applicable reference period, is of at least 20 % of the population of that Member State; or |
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(b) |
the average number and average aggregate value of transactions per day with the significant asset-referenced token or the significant e-money token during the reference period defined in Article 3 of this Regulation, where at least one party to the transactions is located in that Member State, is higher than 1 250 000 transactions and EUR 250 000 000 respectively. |
2. For the purpose of paragraph 1, point (a), the holder of the significant asset-referenced token or of the significant e-money token means the holder of that token that benefits of a right of redemption under Regulation (EU) 2023/1114.
3. For the purpose of paragraph 1, the location of a holder of the significant asset-referenced token or of the significant e-money token, or of a party to a transaction with such tokens, refers to any of the following:
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(a) |
for natural persons, their habitual residence; |
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(b) |
for legal persons, the registered office address. |
4. A competent authority requesting to become a member of the college based on point (l) of Article 119(2) of Regulation (EU) 2023/1114 shall submit a reasoned request to EBA and provide data showing that the criteria mentioned in paragraph 1 are met.