The European Banking Authority (EBA) issued guidance to national authorities on how to proceed after the end of the transition period set in its No-Action Letter on PSD2 and MiCA, effective March 2, 2026.
The European Banking Authority (EBA) published an opinion advising national competent authorities (NCAs) on actions to take once the transition period under its No-Action Letter of 2 June 2025 (EBA/Op/2025/08) ends on 2 March 2026.
The transition period allows crypto asset service providers (CASPs) nine months to continue transacting electronic money tokens (EMTs) that qualify as payment services while submitting and awaiting authorization under PSD2.
The opinion outlines conditions under which NCAs can permit CASPs to continue providing EMTs after 2 March 2026 without holding a PSD2 license. NCAs are advised to require CASPs not meeting these conditions to cease EMT services. They are also encouraged to cooperate with relevant authorities under MiCA and other national regulators to ensure compliance.
This guidance follows the EBA’s No-Action Letter published on 2 June 2025, which clarified the interplay between PSD2 and MiCA regarding CASPs transacting EMTs as payment services. The letter allowed CASPs to continue these services during a 9-month transition period, with a second authorization under PSD2 required only after this period. It also recommended a streamlined authorization process leveraging information already provided during MiCA licensing, reducing administrative burdens.
Since the No-Action Letter, over 100 CASPs have approached authorities or submitted authorization applications as payment service providers (PSPs). As the transition period ends, the EBA issues this opinion to guide NCAs on prioritizing authorization efforts across Member States.
Legal basis: European Banking Authority No-Action Letter (EBA/Op/2025/08).
