On 10 June 2025, the European Banking Authority (‘EBA’) published a No Action Letter on the interplay between PSD2[1] and the MiCA Regulation[2] in relations to crypto-asset service providers conducting transactions involving electronic money tokens.
In this document, the EBA advices NCAs to, among others:
- regard transfer services for crypto-assets as payment services under PSD2, if it involves electronic money tokens and is carried out by entities acting on behalf of their clients;
- regard the service of custody and administration of electronic money tokens on behalf of clients as a payment service under PSD2;
- regard custodial wallets as payment accounts under PSD2, if the custodial wallet is maintained on behalf of one or more clients and allows for the sending and receiving of electronic money tokens to and from third parties.
The full text of the document is available at the following link:
https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-no-action-letter-interplay-between-payment-services-directive-psd23-and-markets-crypto
[1] Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337 23.12.2015, p. 35).
[2] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).