Scope of application

These Guidelines apply to issuers of asset-referenced tokens and e-money tokens (as defined in points 6 and 7 of Article 3(1) of Regulation (EU) 2023/1114).

For issuers of e-money tokens that are not subject to the requirement to hold a reserve of assets (because they are either credit institutions or e-money institutions issuing non-significant tokens whose relevant competent authority has not imposed it in accordance with Article 58(2) of Regulation (EU) 2023/1114) the sections ‘ Allocation of the reserve of assets to meet the token holders’ redemption claims’ and ‘ Liquidation of the reserve of assets ’ , both under 4.2., do not apply except for those paragraphs for which there is an express indication to apply them mutatis mutandis , likewise for any other paragraph or section in the Guidelines assuming the issuer is subject to said requirement.