The EBA has issued an opinion on the relationship between PSD2 and MiCA. What does the new crypto regulation mean for your business? A summary of key changes and practical steps.
The European Banking Authority has issued a landmark opinion on the relationship between PSD2 and MiCA — crypto firms face a major regulatory shift.
The dual nature of e-money tokens — the crux of the problem
Stablecoins pegged to the euro may fall under both MiCA and PSD2. The result is a duplicative licensing burden for firms offering payment functions.
The EBA is clear: one license is enough
Hybrid services (e.g., a stablecoin wallet with payment features) should be subject only to MiCA — but MiCA must incorporate key consumer protection elements from PSD2.
A transitional regime for 2–3 years
Transfers and custody of EMTs = payment service, PI license required. Pure crypto-to-fiat exchange = MiCA only. Some PSD2 technical requirements will be applied more leniently.
What this means for your business
Check which of your services qualify as payment services. Consider preemptive registration as a payment institution — and start systematically monitoring legislative developments.
