Definition: Exchange

Exchange

The official doc provides a definition of the Exchange.

The term is defined more broadly in What is an Exchange, Banking and Exchanges interrogations :

[…] when using Euro or other CBDC (Central Bank Digital Currencies), there are legal rules and norms that need to be respected. At European level, an e-Money Issuer (EMI) license is at least required, or a Banking license. Depending on the country, additional specific regulations apply.
Therefore, an Exchange usually is a bank but is not necessarily one.