On the 10th of June 2025, the European Banking Authority published a No Action letter advising the European Commission, the Council of the EU and the European Parliament to ensure the avoidance of a dual authorisation under EU law to transact e-money tokens (EMTs). The letter advises national competent authorities (NCAs) to enforce the authorisation of Directive 2015/2366/EU (PSD2) for a specified subset of crypto-asset service providers (CASPs) that transact EMTs. NCAs are advised to require an authorisation under PSD2 only from the 2nd of March 2026 onwards and to apply streamlined procedures making maximum use of information which legal entities provide during their CASP authorisation process. Once an authorisation as payment service provider is granted, NCAs should not prioritise the supervision and enforcement of some elements of PSD2 (notably, safeguarding and the disclosure of information to consumers), while they should insist on compliance with other PSD2 provisions, such as strong customer authentication to access custodial wallets qualifying as payment accounts and to initiate EMT transfers, the reporting of payment fraud and the cumulative calculation of own funds requirements. Moreover, the EBA advises NCAs not to consider as payment services the exchange of crypto-assets for funds and for other crypto-assets as defined in Regulation 2023/1114/EU (MiCAR), nor cases where CASPs intermediate the purchase of any crypto-assets with EMTs.
