The European Banking Authority has published an Opinion advising national competent authorities under the Revised Payment Services Directive (PSD2) on how to proceed when the transition period under its June 2025 No-Action Letter on the interplay between PSD2 and the Markets in Crypto-Assets Regulation (MiCA) ends on 2 March 2026. The transition period allowed crypto asset service providers (CASPs) to continue transacting electronic money tokens (EMTs) that qualify as payment services for nine months while submitting, and awaiting the response to, an application for authorisation under PSD2. The Opinion sets out conditions under which national authorities are advised to allow CASPs to continue providing EMT services that qualify as a payment service after 2 March 2026 even if they do not yet hold a PSD2 licence, and advises authorities to require CASPs that do not meet those conditions to discontinue such services. It also recommends cooperation with the relevant national MiCA authority and/or other national enforcement authorities where necessary, and is positioned as a tool to help prioritise authorisation work given that more than 100 CASPs have already approached authorities informally or submitted applications and volumes may vary across Member States. The guidance is intended to apply from the end of the transition period on 2 March 2026.
European Banking Authority 2026-02-12
European Banking Authority issues Opinion on supervising crypto asset service providers when the PSD2 and MiCA no-action transition ends on 2 March 2026
The European Banking Authority issued an Opinion advising national authorities on managing the end of the transition period under the Revised Payment Services Directive (PSD2) and Markets in Crypto-Assets Regulation (MiCA) on 2 March 2026. It outlines conditions for allowing crypto asset service providers to continue offering electronic money token services without a PSD2 licence and recommends cooperation with relevant enforcement authorities.