18. Competent authorities and other persons to whom these Guidelines are addressed should determine …

Competent authorities and other persons to whom these Guidelines are addressed should determine if there is a digital representation of a value or right, these being the necessary attributes of a crypto-asset as defined in Article 3(1) point (5) of Regulation (EU) 2023/1114. The terms ‘value’ and ‘right’ should be interpreted broadly in accordance with recital (2) of that Regulation. Crypto-assets with no-intrinsic value, but having a value attributed to them by the seller / buyer or by market participants¹⁸ should be treated as digital representations of value.

¹⁸ For example tokens such as Bitcoin and so-called ‘meme coins’ traded at exchanges with public prices.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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