EMT, PSD2, and MiCA: How to Avoid Double Regulation? A New Perspective from the EBA
As the MiCA regulation enters into force and the 2026 compliance deadline approaches, the legal landscape for crypto-asset service providers (CASPs) is becoming increasingly complex. A recent clarification from the European Banking Authority (EBA) sheds light on a crucial regulatory dilemma: Do transactions involving electronic money tokens (EMTs) fall under PSD2—and if so, when? At Artlex Consult, we have reviewed the EBA’s position and prepared a concise guide for businesses operating with fiat-backed stablecoins. EBA: EMTs Are Both Crypto Assets and Electronic Money According to the EBA, EMTs (such as USDC) fall under a dual classification: a) as crypto-assets under MiCA , and b) as electronic money under PSD2 . This dual status means that CASPs engaging in certain types of EMT-related activity may be deemed to provide payment services—triggering the application of PSD2 and its licensing requirements. When Does PSD2 Apply The EBA emphasizes that not al...