EBA No Action Letter on the interaction between MiCA and PSD2

On June 10, the EBA issued a No Action Letter in response to the European Commission's written request of December 6, 2024, to clarify, in cooperation with the European Securities and Markets Authority (“ESMA”), the interaction between MiCA and PSD2 for CASPs providing services pertaining EMTs.

The objective of this document is, first, to advise the European Union (EU) bodies on how to resolve regulatory overlap in the long term, taking advantage of the ongoing legislative process for the PSD3 and the PSR, and, second, to guide the national competent authorities (“NCAs”) during a transition period of two to three years while the PSD2 remains in force and until the date of application of the PSR and the transposition of PSD3.