EBA opinion on actions NCAs should take at end of transition period under no-action letter on interplay between PSD2 and MiCAR

The European Banking Authority (EBA) has issued an opinion advising national competent authorities (NCAs) on how to proceed when the transition period (under its no-action letter of 2 June 2025) ends on 2 March. This transition period currently allows cryptoasset service providers (CASPs) to continue providing services involving electronic money tokens (EMTs) that qualify as payment services while submitting, and awaiting the response to, their application for authorisation under PSD2.

The opinion:

• Outlines the conditions under which NCAs are advised to allow CASPs to continue providing EMTs that qualify as a payment service after 2 March, while they do not (yet) hold a license under PSD2.
• Advises NCAs to require CASPs that do not meet all of these conditions to discontinue the provision of such EMT services.
• Advises NCAs to cooperate with the relevant NCA under MiCAR and/or other national enforcement authorities to ensure compliance.

The opinion follows the EBA's no-action letter, which responded to a request from the European Commission to clarify the interplay between PSD2 and MiCAR in relation to CASPs transacting EMTs that qualify as a payment service. The no-action letter allowed CASPs to continue providing these services by requiring a second authorisation under PSD2 not immediately but only after a nine-month transition period. In addition, the letter advised NCAs to consider only a subset of cryptoasset services with EMTs as payment services, thereby reducing the number of CASPs requiring such an authorisation. It also advised NCAs to apply a streamlined authorisation process using information already provided during the CASP authorisation process under MiCAR.

The EBA notes that over 100 CASPs have approached NCAs informally or submitted applications to be authorised as payment service providers since the no-action letter. With application volumes now likely to increase, the EBA is issuing this opinion to advise NCAs how to prioritise their authorisation efforts when the transition period ends.

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