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.

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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.

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When Does PSD2 Apply?

The EBA emphasizes that not all uses of EMT require a payment license. However, PSD2 does apply when a CASP performs any of the following:

1. Transfers EMT between users (even within the same platform);

2. Custodies EMT or private keys with the ability to send or receive tokens;

3. Manages wallets capable of processing EMT transactions on behalf of third parties;

4. Acts as an intermediary or payment agent in EMT-based transactions.

In such cases, the CASP is effectively operating as a payment institution and must either obtain a PSD2 license, or partner with a licensed PSP.

This requirement becomes mandatory as of March 2026, and strategic preparation should begin now.

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When PSD2 Does Not Apply

PSD2 does not apply in scenarios where EMTs are used solely for:

1.  Exchanging EMTs for other crypto-assets (and vice versa);

2. Purchasing other digital assets using EMT

3. These activities fall exclusively under MiCA as investment or exchange functions, not payment services.

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How Should CASPs Prepare?

For many crypto businesses, the most efficient strategy is to operate through a regulated payment partner (PSP). This model allows CASPs to avoid undergoing an independent PSD2 licensing process, continue offering payment functionalities in full regulatory compliance and minimize legal, operational, and timing burdens.

If your company provides custody of stablecoins, facilitates EMT-based transfers, or enables wallet services, Artlex Consult recommends evaluating your operational model for PSD2 exposure and choosing one of two paths: a) obtain a PSD2 license, or b) conclude a compliance partnership with a licensed PSP.

2. Conclusion

   The convergence of MiCA and PSD2 represents more than just overlapping legal frameworks—it marks a pivotal moment in the regulation of digital assets. CASPs that proactively align their operations with this dual regime will gain not only legal certainty, but also strategic market advantage.

How Artlex Consult Can Help

assessing your business model to identify regulatory obligations under PSD2 and MiCA; drafting legal frameworks, contracts, and partnership agreements with PSPs; 

assisting with PSD2 licensing or registration under MiCA; 

ensuring ongoing compliance with EBA, ESMA, and national regulatory authorities.

Contact us to audit your EMT-related services and prepare your business for MiCA–PSD2 compliance.

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