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ARTICLE · 20 JUNE 2025

EBA Clarifies PSD2–MiCA Interplay For EMTs With No Action Letter

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On the 10th of June 2025, the European Banking Authority (EBA) issued a No Action letter addressing a pressing issue faced by crypto-asset service providers (CASPs): the regulatory overlap between the Payment Services Directive (PSD2) and the Markets in Crypto-Assets Regulation (MiCA) concerning electronic money tokens (EMTs).

MaltaFinance and Banking
Jianni Grima
Jianni Grima
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On the 10th of June 2025, the European Banking Authority (EBA) issued a No Action letter addressing a pressing issue faced by crypto-asset service providers (CASPs): the regulatory overlap between the Payment Services Directive (PSD2) and the Markets in Crypto-Assets Regulation (MiCA) concerning electronic money tokens (EMTs).

The letter offers both short-term regulatory relief and long-term legislative direction aimed at avoiding unnecessary dual authorisations.

Transition Period and Temporary Relief

While PSD2 remains in force until the expected application of PSD3 and the Payment Services Regulation (PSR), the EBA advises national competent authorities (NCAs) not to require immediate PSD2 authorisation from CASPs that provide services related to EMTs—specifically those relating to the transfer, custody, and administration of EMTs. Authorisation requirements will apply only from 2 March 2026 onwards.

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