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Opinion on the end of the No-action Letter transition period
EBA opinion outlining supervisory priorities for national authorities as the transition period under its No-Action Letter on PSD2 and MiCA interplay ends on 2 March 2026, addressing authorisation processes, conditions for continued EMT transactions, and coordination between PSD2 and MiCA frameworks.
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.
EBA publishes No Action letter on the interplay between Payment Services Directive (PSD2/3) and Markets in Crypto-Assets Regulation (MiCA)
The European Banking Authority (EBA) published today a No Action letter advising the EU Commission, EU Council and EU Parliament to ensure that, in the long term, EU law needs to avoid a dual authorisation under two pieces of EU law for the activity of transacting electronic money tokens (EMTs). While the existing Payment Services Directive 2 (PSD2) still applies, the letter advises national competent authorities (NCAs) to enforce authorisation of PSD2 for a specified subset only of crypto asset service providers (CASPs) that transact EMTs, to do so only after a transition period that ends on 2 March 2026, and then to deprioritise specified PSD2 provisions.
EU Supervisory Authorities warn consumers of risks and limited protection for certain crypto-assets and providers
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today issued a warning to consumers that crypto-assets can be risky and that legal protection, if any, may be limited depending on which crypto-assets they invest in. This warning is accompanied by a factsheet explaining what the new EU regulation on Markets in Crypto-Assets (MiCA) means for consumers. The ESAs recommend concrete steps consumers can take to make informed decisions before investing in crypto-assets such as checking if the provider is authorised in the EU.