The EBA's Opinion addresses the transition period of the no-action letter regarding payment services related to crypto-assets. It recommends that national authorities focus on a subset of crypto-asset services requiring authorization under the PSD2 directive, with a streamlined authorization process. The EBA aims to facilitate business continuity for crypto-asset service providers during this transition period…
This document is an Opinion issued by the European Banking Authority (EBA) on February 12, 2026. It concerns supervisory priorities to be adopted at the end of the transition period provided by the EBA’s No Action Letter (NAL) regarding the interaction between the PSD2 directive (payment services) and the MiCA regulation (crypto-asset markets). The scope covers crypto-asset service providers (CASPs) conducting transactions with electronic money tokens (EMT) within the European Union, at the end of the transition period which ends on March 2, 2026.
The EBA Opinion addresses the end of the transition period granted to crypto-asset service providers (CASPs) conducting transactions with electronic money tokens (EMT) under the combined regime of the PSD2 directive and the MiCA regulation. This period, initiated by a No Action Letter published in June 2025, aimed to avoid immediate and full dual authorization under PSD2 and MiCA, thereby facilitating the continuity of CASP activities. The EBA notes that more than 100 CASPs have already initiated authorization procedures with the competent national authorities (NCA). At the end of the transition period on March 2, 2026, three scenarios are possible: 1) the CASP is authorized as a payment institution or electronic money institution (PI/EMI) or operates via an authorized partner, 2) the CASP has submitted an authorization request under review, subject to strict conditions, 3) the CASP has not submitted a request or does not meet the conditions, in which case it must cease its activities related to EMT qualified as payment services. The EBA recommends that NCAs prioritize authorization requests based on these scenarios, impose temporary restrictions on CASPs awaiting authorization (prohibition of marketing and new clients), and coordinate actions with authorities under MiCA. This approach aims to ensure consumer protection, regulatory compliance, and legal certainty while limiting service interruptions. The EBA also emphasizes that EMT transfers, including internal transfers within the same client, may constitute payment services subject to PSD2, requiring authorization. This Opinion guides national authorities in managing the end of the transition period, ensuring coherent and effective supervision within the European Union (p. 1-4).
The Opinion responds to the need to clarify supervisory priorities at the end of the transition period granted by the No Action Letter (NAL) published in June 2025. This period aimed to manage the complex interaction between PSD2 and MiCA concerning CASPs using electronic money tokens (EMT). The objective was to avoid immediate and full dual authorization which would have increased regulatory burden and risked service disruption. The transition period, limited to nine months, allowed CASPs to continue their activities while preparing for compliance. The EBA, by virtue of its role in coordinating and harmonizing supervisory practices within the European Union, issues this Opinion to advise competent national authorities (NCA) on managing authorization requests and measures to be taken at the end of this period, considering the different situations of CASPs and the imperatives of consumer protection and legal certainty (p. 1-2).
1. No Action Letter (NAL) and transition period:
- The NAL published in June 2025 advised national authorities to limit the application of PSD2 to payment services related only to certain EMTs, with authorization deferred until March 2, 2026.
- A simplified authorization process was recommended, using information already collected during CASP authorization under MiCA.
- This approach avoided immediate and full dual authorization, facilitating continuity of CASP activities (p. 1-2).
2. Scenarios at the end of the transition period:
- Scenario 1: CASP authorized as a payment institution or electronic money institution (PI/EMI) or operating via an authorized PSP partner, able to continue activities normally.
- Scenario 2: CASP having submitted an authorization request under review, able to continue activities under strict conditions: complete request, cooperation with authority, absence of major infringements, and prospect of rapid authorization.
- Scenario 3: CASP without request or not meeting conditions, required to cease activities and proceed with offboarding affected clients (p. 2-4).
3. Specific conditions for continuing activities pending authorization:
- Prohibition of any marketing activity related to EMT qualified as payment services.
- Prohibition of providing these services to new clients.
- Coordination between PSD2 and MiCA authorities to impose these restrictions and ensure their enforcement (p. 3).
4. Authorization requirements and scope of services subject to PSD2:
- Authorization may be direct or via partnership with an authorized PSP.
- EMT transfers, including internal transfers within the same client, are considered payment services subject to PSD2, regardless of wallet qualification as a payment account.
- Authorities must verify CASP compliance with PSD2, MiCA, national VASP regimes, and anti-money laundering legislation (p. 3-4).
5. Coordination and role of competent national authorities:
- The EBA recalls its harmonization role and recommends NCAs coordinate their actions to ensure coherent supervision.
- Management of authorization requests must be prioritized to limit the period during which unauthorized entities provide payment services (p. 2-3).
Established facts:
- More than 100 CASPs have already initiated authorization procedures with national authorities since the NAL publication in June 2025 (p. 2).
- The nine-month transition period ends on March 2, 2026 (p. 2).
- Three distinct scenarios for CASPs at this date are identified, with specific rules for each (p. 2-4).
Assumptions and interpretations:
- The EBA assumes that national authorities will be able to process authorization requests within short deadlines, notably for CASPs under review (p. 3).
- The Opinion interprets that EMT transfers, even internal ones, constitute payment services subject to PSD2, which may not be intuitive for all stakeholders (p. 4).
Uncertainties:
- The capacity of national authorities to effectively manage the authorization workload within the allotted time may vary across Member States (p. 2).
- The operational impact on unauthorized CASPs or those delayed in their procedures remains to be observed, notably regarding cessation of activity and offboarding (p. 3-4).
The EBA concludes that the end of the transition period requires differentiated management of CASPs according to their authorization status. It recommends competent national authorities:
- Prioritize authorization requests of CASPs under review, ensuring that conditions for continuing activities while pending are respected.
- Impose strict restrictions on CASPs awaiting authorization, notably prohibition of marketing and new clients for EMT services qualified as payment.
- Closely coordinate actions between PSD2 and MiCA authorities to guarantee coherent and effective supervision.
- Require CASPs that have not submitted requests or do not meet conditions to cease activities and proceed with client offboarding as of March 2, 2026.
- Consider that EMT transfers, including internal ones, are subject to PSD2 and require authorization.
These recommendations aim to ensure regulatory compliance, consumer protection, and legal certainty in the crypto-asset sector within the European Union (p. 1-4).
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