Article 3 Période de référence et transactions

This short but important definitional article underpins the measurement criteria established in Articles 1 and 2.

It does two things: it anchors the "reference period" used throughout those articles to a concrete timeframe, and it provides a precise definition of what counts as a "transaction" for the purposes of the quantitative thresholds set out in those articles.

Important points:

• The reference period used to assess relevant entities and large-scale usage is the most recent six-month period covered by the reporting obligation under Article 22(1) of Regulation (EU) 2023/1114.
• A "transaction" is defined as any change of the natural or legal person entitled to an asset-referenced token or e-money token resulting from a transfer between distributed ledger addresses or accounts.
• This definition of transaction is specifically scoped to Articles 1(2) and (4) and Article 2(1)(b), meaning it does not apply universally across the entire regulation.