National authorities receive EBA guidance on PSD2/MiCA crypto licensing
The European Banking Authority (EBA) has advised national competent authorities (NCAs) on how to manage crypto-asset service providers (CASPs) after the transition period for electronic money tokens (EMTs) ends on March 2, 2026. This guidance follows a June 2025 No-Action Letter, which granted CASPs a nine-month window to seek PSD2 authorization.
Conditions for continued crypto operations
The EBA's Opinion details the conditions under which national competent authorities (NCAs) can permit crypto asset service providers (CASPs) to continue offering electronic money tokens (EMTs) as payment services beyond March 2, 2026, even without a PSD2 license.
This follows the EBA's No-Action Letter from June 2, 2025, which initially granted CASPs a nine-month transition period to apply for PSD2 authorization.
The new guidance advises NCAs to require CASPs that fail to meet these specified conditions to cease providing EMT services.
Cooperation with MiCA authorities and other national enforcement bodies is also recommended to ensure full compliance across the Union.
A streamlined path to compliance
The EBA's initial No-Action Letter, published on June 2, 2025, clarified the interplay between PSD2 and MiCA for CASPs.
It introduced a nine-month transition, delaying the immediate need for a second PSD2 authorization.
The letter also advised national authorities to streamline the authorization process, leveraging data already provided for MiCA authorization to reduce administrative burdens.
Over 100 CASPs have since engaged with national authorities regarding payment service provider applications.
With the March 2, 2026, deadline approaching and varying application volumes across Member States, this Opinion guides NCAs on prioritizing authorization efforts.
Pragmatic steps for crypto integration
The EBA's guidance offers a pragmatic approach to managing the complex transition for crypto asset service providers.
It acknowledges the need for regulatory flexibility while upholding the core principles of payment service oversight.
This nuanced intervention is vital for fostering a stable environment as digital assets integrate into the broader financial system.