Regulatory Alerts2025-01-01
Opinion on the interplay between PSD2 and MiCA in relation to crypto-asset service providers that transact electronic money tokens
The European Banking Authority issued this No Action letter to clarify the regulatory overlap between PSD2 and MiCA for crypto-asset service providers transacting electronic money tokens, aiming to prevent disproportionate dual authorization burdens. The EBA advises national competent authorities to treat certain EMT services as payment services requiring streamlined PSD2 authorization by March 2026, while de-prioritizing specific supervisory provisions and excluding crypto-asset exchanges from PSD2 scope. For the long term, the Authority recommends amending MiCA via PSD3 and PSR to align consumer protection and security standards, explicitly rejecting approaches that would exclude EMTs from future payment regulations.
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