Read the CySEC Circular C722
Memo #46-2025
CySEC Circular No: C722
Date: 11/07/2025
Subject: EBA’s No Action letter on the interplay between Payment Services Directive (PSD2/3) and Markets in Crypto-Assets Regulation (MiCA)
Purpose: To inform CASPs that the EBA published an opinion in view of the dual nature of EMTs as crypto-assets and electronic money.
In Summary:
CySEC has issued the Circular C722 on 11/07/2025 to inform the crypto-asset service providers (“CASPs”) and applicant crypto-asset service providers that the European Banking Authority (“EBA”) has published on 10/06/2025 an opinion on the interplay between Directive (EU) 2015/23661 (“PSD2”) and Regulation (EU) 2023/11142 (“MiCA Regulation”) in relation to CASPs transacting electronic money tokens (“EMTs”), in view of the dual nature of EMTs as crypto-assets under the MiCA Regulation and electronic money as per article 48(2) of MiCA Regulation.
The EBA issued this opinion in response to the European Commission’s request in December 2024 to advise:
i) the EU Commission, EU Council and EU Parliament as to how the issue can be resolved in the long term, by making use of the ongoing legislative process of updating PSD2, by means of a proposal for PSD3 and a proposal for Payment Services Regulation (“PSR”); and
ii) the National Competent Authorities (“NCAs”) in the short-term (while PSD2 still applies) by setting out which type of EMT transactions NCAs are advised not to regard as payment services and therefore not to require an additional authorisation and, for those EMT transactions that will require an additional authorisation, which PSD2 provision are recommended to be de-prioritised for the purpose of supervision and enforcement and from what date.
This Circular C722 refers to what EBA advises the EU Commission, EU Council and EU Parliament in relation to the point (i) and (ii) above.
CySEC encourages interested parties to consult the full document of the EBA’s opinion for the legal basis and the specific comments and advice given on each of the key areas of interplay between PSD2 and MICA Regulation as identified by the EBA.
The EBA’s opinion can be found on the following link:
The European Commission’s request in December 2024 can be found on the following link:
Read the CySEC Circular C722
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