Recital 2

(2)According to Article 22(1), second subparagraph, of Regulation (EU) 2023/1114, transactions associated to uses as a means of exchange are only transactions that lead to a change in the natural or legal person entitled to the asset-referenced token. That applies even where the beneficial owner within the meaning of Article 3, point (6), of Directive (EU) 2015/849 of the European Parliament and of the Council ³ remains the same, and irrespective of whether those transactions are settled on the distributed ledger (‘on-chain’) or outside the distributed ledger (‘off-chain’). Accordingly, for the purpose of the reporting under Article 22(1), point (d), of Regulation (EU) 2023/1114, the data to be reported by the issuer to the competent authority should not include transfers of an asset referenced token between different addresses or accounts of the same person.