MiCA and the payments regime do not address the same matter
CASP authorisation covers the listed crypto-asset services; functions such as fiat-currency accounts, money remittance and acquiring should still be checked against the payments rules. EMTs have an additional specific feature: Article 48 of MiCA treats EMTs as electronic money, and in principle their issuers must hold credit-institution or electronic-money-institution status and complete the white paper procedure, subject to any statutory exceptions. Therefore, a platform that only handles third-party EMT payments and a company preparing to issue its own EMT cannot resolve the matter with the same licence checklist.
Even for the same on-chain operations, exchange and payment on behalf of clients may differ
The EBA opinion on the interaction between MiCA and PSD2 requires particular attention to EMT transfers on behalf of clients and to custodial wallets that allow clients to receive and make EMT payments to and from third parties. The latter may constitute a payment account. Suppose an enterprise exchanges euros for EMTs on a platform and immediately withdraws them to its own wallet; this is not entirely the same service as the platform maintaining an EMT balance for the enterprise over the long term and paying suppliers on instructions. Each case should be assessed segment by segment: the payment character should not be denied merely because the interface is called “exchange”, nor should all crypto-to-crypto transactions be described across the board as payment services.
A supervisory opinion of no priority enforcement is not a permanent licence exemption
The transition period set by the EBA's initial opinion ended on 2 March 2026. The follow-up opinion of 12 February 2026 sets out conditional supervisory treatment arrangements for some CASPs that have applied but not yet obtained payment authorisation, and requires those that do not meet the conditions to cease the relevant EMT payment services. These are supervisory opinions addressed to competent authorities, not an indefinite extension that an enterprise may declare applicable on its own. When planning new products as of October 2026, an enterprise should obtain the applicable qualifications or implement a lawful licensed cooperation arrangement, and cannot rely solely on old news from 2025 as the basis for conducting business.
Cooperation arrangements must also address fund control and client rights
Article 70(4) of MiCA allows a CASP to provide the relevant payment services itself or through a third party, but the actual provider must hold the qualifications required by PSD2 and must explain to clients the nature of the service and the identity of the provider. If a payment institution directly undertakes EMT payments and the CASP handles exchange within the lawful scope, the parties should clarify with whom the client contracts, who accepts payment instructions, who controls the assets, and who handles unauthorised transactions and refunds. Where a platform connects a licensed service provider in the back end but still promises clients that it itself provides all payment services, the access separation may not have been completed. Budgeting should also include additional client protection, authentication and operational controls, rather than merely comparing the cost of applying for one more licence.
Recommended actions
- Prepare a separate function table for fiat currency, EMTs and other tokens, identifying the issuance, exchange, custody, account and transfer roles.
- Verify the PSD2 classification and the applicability of the EBA opinion with the competent authority of the member state in which the business is intended to operate, and do not presume on your own that a transition period still applies.
- If a cooperation route is adopted, verify the licensed items and geographic scope of the payment partner, and implement client contracts, instructions and complaint responsibilities.
- When issuing own EMTs, the credit institution/electronic money institution qualification and white paper work are addressed separately and do not depend on CASP authorization.
Information note: This article provides general information and does not replace legal advice based on specific facts.
References
- MiCA Article 48—Requirements for the offer to the public or admission to trading of e-money tokens — ESMA / European Union
- EBA publishes No Action letter on the interplay between PSD2/3 and MiCA — European Banking Authority
- EBA advises national authorities on actions at the end of the No-Action Letter transition period, 12 February 2026 — European Banking Authority
- The interplay of MiCAR and PSD2 for services in relation to EMTs — Austrian Financial Market Authority
- MiCA Article 70—Safekeeping of clients’ crypto-assets and funds, paragraph 4 — ESMA / European Union
