🔎 𝗘𝗕𝗔 𝗰𝗹𝗮𝗿𝗶𝗳𝗶𝗲𝘀 𝘁𝗵𝗲 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝘁𝗿𝗲𝗮𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 𝗘𝗠𝗧-𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝘂𝗻𝗱𝗲𝗿 𝗠𝗶𝗖𝗔 𝗮𝗻𝗱 𝗣𝗦𝗗𝟮

European Banking Authority (EBA) has issued an 𝗢𝗽𝗶𝗻𝗶𝗼𝗻 addressing the overlap between the MiCA and the PSD2.

⚖️ 𝗞𝗲𝘆 𝗶𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗖𝗔𝗦𝗣𝘀 𝗮𝗿𝗲:

1. CASPs that transfer EMTs on behalf of clients, or provide custody and administration of EMTs, may fall under PSD2 as they are deemed to be executing payment transactions involving “funds”.

2. The EBA recommends a 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝗽𝗲𝗿𝗶𝗼𝗱 𝘂𝗻𝘁𝗶𝗹 𝟮 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟲, during which National Competent Authorities should 𝗻𝗼𝘁 𝗲𝗻𝗳𝗼𝗿𝗰𝗲 𝗣𝗦𝗗𝟮 𝗹𝗶𝗰𝗲𝗻𝘀𝗶𝗻𝗴 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 for EMT-related services.

3. During this period, 𝗰𝗲𝗿𝘁𝗮𝗶𝗻 𝗣𝗦𝗗𝟮 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝗱𝗲𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘀𝗲𝗱 (i. e. National Competent Authorities are advised not to actively enforce them) while CASPs transition toward compliance (e.g. safeguarding rules, IBAN use, open banking obligations), while others, such as strong customer authentication or fraud monitoring, shall remain applicable.

4. 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗼𝗳 𝗰𝗿𝘆𝗽𝘁𝗼-𝗮𝘀𝘀𝗲𝘁𝘀 𝗳𝗼𝗿 𝗳𝘂𝗻𝗱𝘀 𝗼𝗿 𝗳𝗼𝗿 𝗼𝘁𝗵𝗲𝗿 𝗰𝗿𝘆𝗽𝘁𝗼-𝗮𝘀𝘀𝗲𝘁𝘀 𝗿𝗲𝗺𝗮𝗶𝗻 𝗼𝘂𝘁𝘀𝗶𝗱𝗲 𝗣𝗦𝗗𝟮 𝘀𝗰𝗼𝗽𝗲. EBA also explicitly clarifies that 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗰𝗿𝘆𝗽𝘁𝗼 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲𝘀 𝘄𝗶𝘁𝗵 𝗘𝗠𝗧𝘀 (e.g. when the CASP enables users to buy crypto-assets using EMTs) 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗯𝗲 𝘁𝗿𝗲𝗮𝘁𝗲𝗱 𝗮𝘀 𝗮 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 under PSD2.

5. EBA calls for legislative alignment via PSD3/PSR or MiCA amendments to prevent double authorisation requirement in future.

📌 Bottom line: CASPs offering 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗱𝘆 𝗮𝗻𝗱 𝗮𝗱𝗺𝗶𝗻𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝗘𝗠𝗧𝘀 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘀𝘂𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝗱𝘂𝗮𝗹 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝘁𝗿𝗲𝗮𝘁𝗺𝗲𝗻𝘁 (unless there is no legislative update in this regard) 𝗯𝘂𝘁 𝘄𝗶𝗹𝗹 𝗯𝗲𝗻𝗲𝗳𝗶𝘁 𝗳𝗿𝗼𝗺 𝗮𝗻 𝗶𝗻𝘁𝗲𝗿𝗶𝗺 𝗽𝗲𝗿𝗶𝗼𝗱 𝘁𝗼 𝗮𝗱𝗮𝗽𝘁.

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