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By Vincent WELLENS Ottavio COVOLO, Avocats à la Cour, NautaDutilh Avocats Luxembourg S.à r.l.
On 10 June 2025, the EBA issued a 33-page “no action letter” in cooperation with ESMA (the “Letter”) to clarify the interplay between Regulation (EU) 2023/1114 on markets in crypto-assets (“MiCA”) and Directive (EU) 2015/2366 on payment services in the internal market (“PSD2”), in relation to crypto asset service providers (“CASPs”) that transact e-money tokens (“EMTs”).
The main takeaways are (i) a lighter application of PSD2 for EMTs to the extent these are part of a payment service, with a grace period until 2 March 2026 and (ii) the “exchange of crypto-assets for funds” and “exchange of crypto-assets for other crypto-assets” as defined in...
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