The EBA advises national authorities on actions to take at the end of the transition period under its No-Action Letter on the interplay between PSD2 and MiCA

The European Banking Authority (EBA) published today an Opinion advising national competent authorities (NCAs) under the Revised Payment Services Directive (PSD2) on how to proceed once the transition period that is set in the EBA's No-Action Letter of 2 June 2025 (EBA/Op/2025/08) comes to an end on 2 March 2026. The transition period allows crypto asset service providers (CASPs) nine months to continue transacting electronic money tokens 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 electronic money token (EMT)s that qualify as a payment service after 2 March 2026, while they do not (yet) hold a license under the PSD2. NCAs are further advised to require CASPs that do not meet all of these conditions to discontinue the provision of such EMT services. Where necessary, NCAs are advised to cooperate with the relevant national authority under the Markets in Crypto-Assets Regulation (MiCA) and/or other national enforcement authorities to ensure compliance.

The Opinion follows the EBA's No-Action Letter published on 2 June 2025, which responded to a request from the European Commission to clarify the interplay between PSD2 and MiCA in relation to CASPs transacting EMTs that qualify as a payment services. The No-Action letter allowed CASPs to continue providing these services by requiring a second authorisation under PSD2 not immediately but only after a 9-month transition period. In addition, the letter advised national competent authorities to consider only a subset of crypto-asset services with EMTs as payment services, thereby reducing the number of CASPs requiring such an authorisation. It also advised national competent authorities to apply a streamlined authorisation process that makes full use of information already provided during the CASP authorisation process under MiCA, reducing the administrative burden for CASPs.

Since the publication of the No-Action Letter, more than 100 CASPs have approached national competent authorities informally or submitted an application for authorisation as payment service providers (PSPs). With the end of the transition period approaching, and given that application volumes are likely to vary across Member States, the EBA is issuing this Opinion to advise NCAs how to prioritise their authorisation efforts when the transition period ends.

Legal basis

The EBA's competence to issue this Opinion is based on Article 29(1)(a) of Regulation (EU) No 1093/2010[1], which requires the EBA to play an active role in building a common Union supervisory culture and consistent supervisory practices, as well as in ensuring uniform procedures and consistent approaches throughout the Union, including by issuing Opinions addressed to national competent authorities.