S.L. 647.1 ст. 2Interpretation. Cap. 647.  Cap. 330.

(1) In these regulations, unless the context otherwise requires:-

"Act" means the Markets in Crypto-Assets Act;

"asset-referenced token" shall have the same meaning as that assigned to it in point (6) of Article 3(1) of the MiCA Regulation;

"average outstanding asset-referenced tokens" means the average amount of outstanding asset-referenced tokens for the last six (6) calendar months which is to be calculated as follows:

(a) the daily average amount of outstanding asset-reference tokens for each of the last six (6) calendar months is to be multiplied by the number of calendar days in each of those months;

(b) the amounts resulting from the calculation set out in paragraph (a) shall be added up; and

(c) the total amount resulting from the calculation set out in paragraph (b) shall be divided by the total number of calendar days forming the six (6) calendar months referred to in paragraph (a):

Provided that the daily average amount of outstanding asset-referenced tokens for a calendar month shall be calculated as follows:

(i) the amount of outstanding asset-referenced tokens at the end of each calendar day of the preceding six (6) calendar months shall be added up; and

(ii) the amount resulting from the calculation set out in point (a) shall divided by the total number of calendar days forming the calendar months referred to in the said paragraph;

"Class 1 crypto-asset services" means any of the following:

(a) the execution of orders on behalf of clients;

(b) the placement of crypto-assets;

(c) the provision of transfer services for crypto-assets on behalf of clients;

(d) the reception and transmission of orders for crypto-assets on behalf of clients;

(e) the provision of advice on crypto-assets; and

(f) the provision of portfolio management on crypto-assets;

"Class 2 crypto-asset services" means any of the following:

(a) the provision of custody and administration of crypto-assets on behalf of clients;

(b) the exchange of crypto-assets for funds; and

(c) the exchange of crypto-assets for other crypto-assets;

"Class 3 crypto-asset service" means the operation of a trading platform for crypto-assets;

"competent authority" means the Malta Financial

Services Authority established by the Malta Financial Services Authority Act;

"credit institution" shall have the same meaning as that assigned to it in point (28) of Article 3(1) of the MiCA Regulation;

"crypto-asset service" shall have the same meaning as that assigned to it in point (16) of Article 3(1) of the MiCA Regulation;

"crypto-asset service provider" shall have the same meaning as that assigned to it in point (15) of Article 3(1) of the MiCA Regulation; "e-money token" shall have the same meaning as that assigned to it in point (7) of Article 3(1) of the MiCA Regulation;

"MiCA Regulation" means Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulation (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder;

"transaction volume" means the aggregate of the following, as applicable:

(a) the quantity multiplied by the value, in euro, of all orders transmitted as reported in the annual return for the preceding year;

(b) the quantity multiplied by the value, in euro, of all executed orders as reported in the annual return for the preceding year;

(c) the quantity multiplied by the value, in euro, of all orders for the exchange of crypto-assets for crypto-assets other than asset-referenced tokens or for executed funds, as reported in the annual return for the preceding year; and

(d) the quantity multiplied by the value, in euro, of all orders matched on a trading platform for crypto-assets, as reported in the annual return for the preceding year.

(2) Words and expressions used in these regulations which are also used in the Act but which are not herein defined shall have the same meaning as in the Act.