On 10 June 2025, the EBA published a No Action
Letter1 addressing the relationship between the Payment
Services Directive (PSD2)2 and the Markets in
Crypto-Assets Regulation (MiCA)3. This letter focuses on
crypto-asset service providers (CASPs) that transact in electronic
money tokens (EMTs), which in some cases may require dual
authorisation for CASPs under MiCA and as payment institutions
under PSD2.
Article 48(2) of MiCA deems EMTs to be "electronic
money." Likewise, Article 4(25) of PSD2 defines
"funds" to include "electronic money." As a
result, EMTs have a dual character: they are both crypto-assets
under MiCA and electronic money/funds under PSD2. Consequently, the
transfer of EMTs or related services may fall within the scope of
payment services under PSD2.
