# Article 1 — Determination of the most relevant entities referred to in [Article 119(2)](../../articles/119.md), points (d), (e), (f) and (h) of Regulation (EU) 2023/1114 **Commission Delegated Regulation (EU) 2025/297 · binding · OJ L, 2025/297, 13.2.2025 · dated 31 Oct 2024 [in force]** *In force · Commission Delegated Regulation (EU) 2025/297, OJ L, 2025/297, 13.2.2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2025/297/oj/eng)* 1. For the purpose of determining the most relevant entities referred to in [Article 119(2)](../../articles/119.md), point (d) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:\ a) where a consultative supervisory college (‘college’) is established for an issuer of a significant asset-referenced token or for an [electronic money institution](https://www.headlesslaw.com/definitions/mica/electronic-money-institution) issuing a significant e-money token, the three [crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider), credit institutions or investment firms that held in custody the highest value of the reserve assets referred to in [Article 37](../../articles/37.md) of Regulation (EU) 2023/1114 during the reference period, as defined in Article 3 of this Regulation;\ b) where a college is established for a credit institution issuing a significant e-money token, the three [crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider), credit institutions or investment firms that held in custody the highest percentage of the [funds](https://www.headlesslaw.com/definitions/mica/funds) received in exchange of the e-money tokens, during the reference period, as defined in Article 3 of this Regulation.\\ 2. For the purpose of determining the most relevant entities referred to in [Article 119(2)](../../articles/119.md), point (e) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:\ a) the three [crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) ensuring the [operation of a trading platform for crypto-assets](https://www.headlesslaw.com/definitions/mica/operation-of-a-trading-platform-for-crypto-assets) that have executed the highest average number 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;\ b) the three [crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) ensuring the operation of a trading platform for crypto-assets that have executed the highest average aggregated value of trans-actions 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.\\ 3. For the purpose of determining the most relevant entities referred to in [Article 119(2)](../../articles/119.md), point (f) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:\ a) the three payment service providers that have executed the highest average number of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366 of the European Parliament and of the Council, in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation;\ b) the three payment service providers that have executed the highest average aggregate value of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366, in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation.\\ 4. For the purpose of determining the most relevant entities referred to in [Article 119(2)](../../articles/119.md), point (h) of Regulation (EU) 2023/1114, EBA shall take into account, in particular, all of the following:\ a) the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average number 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;\ b) the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average aggregated 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.\\ 5. EBA may decide to invite the competent authorities of only some of the entities referred to in paragraphs 1 to 4 to be a member of the college where the EBA is of the view that those entities are the only ones relevant in their category for the work of the college.