On 10 June 2025, the European Banking Authority (“EBA”) published its long-awaited Opinion[1] on how the existing second Payment Services Directive (“PSD2”) interacts with the Markets in Crypto-Assets Regulation (“MiCA”), in the context of electronic money tokens (“EMTs”). The issue at hand is that EMTs, under MiCA, are defined as electronic money—meaning they also fall within the definition of “funds” under PSD2. This dual classification has created a regulatory grey area for crypto-asset service providers (“CASPs”), who may find themselves needing two separate authorisations to carry out what is essentially one activity.
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