EBA on the End of the PSD2–MiCA Transitional Period: What Will Change After 2 March 2026?

On 2 March 2026, the transitional period concerning the application of PSD2 provisions to crypto-asset service providers (CASPs) carrying out transactions involving EMT (e-money tokens) will come to an end. In its published opinion, the European Banking Authority (EBA) has clarified how national competent authorities across the EU should approach entities providing payment services in this area.

The document sets clear parameters for the continued operation of the market, determining when activities may be maintained and when they must be discontinued.

The EBA Opinion and the End of the PSD2–MiCA Transitional Period – Background and Rationale

In June 2025, the EBA published a No-Action Letter allowing crypto-asset service providers to temporarily offer certain payment services without the immediate need to obtain authorisation under PSD2. This was a transitional solution, applicable until 2 March 2026.

Since then, more than 100 entities have applied for the relevant authorisations, while many licensing procedures are still ongoing. In these circumstances, the EBA considered it necessary to harmonise supervisory approaches across the EU and clarify the rules applicable after the transitional period ends.

Which Crypto-Asset Service Providers (CASPs) Are Subject to PSD2 in Relation to EMT Tokens?

The opinion applies to entities that simultaneously:

• are crypto-asset service providers (CASPs),
• execute transactions involving EMT tokens,
• provide services that qualify as payment services within the meaning of PSD2.

It therefore concerns only the payment-related segment of CASPs’ activities connected with EMT.

CASPs After the End of the PSD2–MiCA Transitional Period – Three Possible Scenarios

The EBA identifies three primary scenarios in which CASPs may find themselves once the transitional period has ended.

1. The Entity Holds an Authorisation

If a CASP:

• has obtained authorisation as a payment institution or an electronic money institution,
• or cooperates with a licensed payment service provider,

it may continue its EMT-related activities within the scope of its existing authorisation, without additional restrictions.

2. The Authorisation Application Is Pending

The second scenario concerns entities that:

• have submitted a complete application for authorisation,
• are awaiting a decision from the supervisory authority.

The EBA allows for the temporary continuation of activities provided that all of the following conditions are met:

• the submitted documentation is complete,
• the entity actively cooperates with the supervisory authority,
• no material breaches of law have been identified,
• there is a high likelihood that the authorisation will be granted.

During this period, however, the CASP should refrain from marketing activities and from onboarding new clients in relation to EMT-related services.

3. No Authorisation or Failure to Meet the Conditions

If an entity:

• has not submitted an application for authorisation,
• or does not meet the required conditions,

national competent authorities should:

• order the cessation of EMT-related services,
• require the entity to terminate client relationships in this area.

In practice, this means withdrawing from this segment of business activity.

Transfers of EMT Tokens as Payment Services Within the Meaning of PSD2

The EBA reaffirmed its existing interpretative position: the transfer of EMT tokens may constitute a payment service within the meaning of PSD2- including transfers between accounts of the same client and regardless of the formal status of the wallet.

This clarification is particularly relevant for entities providing custodial services, processing withdrawals, or handling client settlements.

Full Application of PSD2 to CASPs – Practical Implications of the EBA Opinion

The EBA’s opinion marks the effective end of regulatory tolerance and the full application of PSD2 to the payment-related aspects of CASPs’ EMT activities.

After 2 March 2026:

• operating without authorisation will be exceptional,
• regulatory tolerance will be significantly reduced,
• licensing compliance will become critical.

For market participants, this means accelerating authorisation processes and adjusting business models to ensure compliance with PSD2 requirements.

PSD2–MiCA After 2 March 2026 – Key Takeaways for CASPs

The EBA’s opinion brings clarity to the regulatory landscape following the end of the PSD2–MiCA transitional period with respect to EMT-based payment services.

After 2 March 2026, CASPs will find themselves in one of three situations: holding an authorisation, awaiting a supervisory decision, or being required to discontinue this part of their activity.

Is Your EMT-Related Activity Fully Aligned with PSD2 Requirements After 2 March 2026?

The end of the PSD2–MiCA transitional period significantly reshapes the regulatory landscape for CASPs providing EMT-based payment services. Entities that have not yet secured the required authorisation, or whose applications remain pending, should carefully assess their regulatory position and business model in light of the EBA’s guidance.

We invite you to contact our team to review your authorisation status, evaluate potential supervisory risks, and determine the appropriate compliance strategy going forward.