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.