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In this act Article 2 of 11

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)](../../articles/119.md), point (l) of Regulation (EU) 2023/1114

Financial servicesLevel 2RTSMiCAIn forceOfficial source

2(1)

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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2(1)(a)
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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2(1)(b)
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.\
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2(2)

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.

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2(3)

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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2(3)(a)
a)for natural persons, their habitual residence;
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2(3)(b)
b)for legal persons, the registered office address.\
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2(4)

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.

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