In a significant move, the European Banking Authority (EBA) issued an Opinion on February 12, 2026, confirming the termination of the grace period for CASPs dealing with Electronic Money Tokens (EMTs) on March 2, 2026. Beyond this deadline, the dual requirement for MiCA and PSD2 compliance becomes an operational necessity. ORWL analyzes the consequences of this position and provides a strategic roadmap to ensure your compliance as seamlessly as possible.

Understanding the MiCA/PSD2 Regulatory Overlap

Since MiCA’s entry into application, the industry has navigated a structural regulatory overlap. The regulation establishes that Electronic Money Tokens (EMTs) share the functional characteristics of traditional electronic money, thereby requiring compliance with the Payment Services Directive (PSD2).

Under the « same activity, same risk » doctrine, providing services such as custody or transfer for these tokens qualifies as providing a payment service. Consequently, entities must operate within a dual authorization framework: the CASP license for crypto-asset services and the PI authorization for the underlying payment functions.

The « No-Action Letter » reprieve

To prevent a cliff-edge effect on the market, following a proposal from DG FISMA, the EBA issued its No-Action Letter on June 2, 2025. 

This temporary regulatory shield allowed French PSANs and European CASPs to continue providing custody and transfer services for EMTs without the immediate requirement of a PI license. It was a pragmatic measure designed to ensure business continuity while the industry adapted to this dual-authorization framework.

March 2, 2026: The end of the transition period

The EBA’s Opinion of February 12, 2026, clarifies the regulatory timeline by confirming that the effects of the No-Action Letter will expire on March 2, 2026. The stakes are high: after this date, providing EMT-related services without the appropriate authorization will be classified as the provision of unlicensed payment services. 

To avoid a cliff-edge effect, the EBA has established a conditional continuity regime. Entities with pending PI applications may maintain operations provided they meet four cumulative requirements:

• Application status: A complete application must be submitted to the ACPR (in France). 
• Marketing restrictions: All promotional activities for the concerned services must cease. 
• New client ban: Entities are strictly prohibited from onboarding new clients for these services while the application is pending. 
• Regulatory cooperation: Full transparency and responsiveness to the ACPR queries are mandatory.

Identifying concerned flows: Is your CASP activity a Payment Service?

The operational challenge lies in the legal qualification of EMT transfers under PSD2. The EBA distinguishes two primary scenarios that mandate a PI license: 

• Execution of payment transactions (Service 3c): This occurs when the CASP facilitates the movement of EMTs from a payer to a payee. 
• Money remittance (Service 6): This involves receiving funds for the sole purpose of transferring a corresponding amount to a payee without a formal payment account—a model frequently used for international stablecoin transfers. 

For CASPs, these flows,often utilized for international fund transmissions or directing stablecoins toward DeFi protocols, constitute payment services when performed on behalf of a client, thereby triggering the requirement for a PI authorization.

Bridging the gap: ORWL’s Engagement

In close contact with the regulator, ORWL has developed a dedicated framework to streamline the dual authorization process. Our advisory focus addresses the critical friction points between the Payment Institution (PI) regime and EMT-related services: 

• Scope of the PI authorization:  Precise mapping of EMT flows to identify specific licensing triggers. 
• Regulatory harmonization: Optimizing the dual requirements of MiCA and PSD2 to avoid compliance redundancy.
• Safeguarding:Adapting traditional fiat safeguarding requirements to the technical specificities of EMT custodial wallets. 
• Fraud & security: Aligning fraud prevention and cybersecurity frameworks with stablecoin operational risks. 
• Transfer classification:  Assessing the impact of « first-party » EMT transfers, which the EBA maintains under the scope of PSD2.

Navigating the MiCA/PSD2 interface requires a granular assessment of payment flows. We invite you to contact our team to audit your services and ensure a seamless transition (contact).