EBA Issues Opinion on PSD2 and MiCA Interplay as No-Action Letter Expires, EU, February 2026

On 12 February 2026, the European Banking Authority (EBA) published an Opinion advising national competent authorities (NCAs) under the Revised Payment Services Directive (PSD2) on how to proceed once the nine-month transition period set in the EBA's No-Action Letter of 2 June 2025 (EBA/Op/2025/08) expired on 2 March 2026. The Opinion is a final supervisory guidance instrument, addressed to NCAs across all EU Member States. Its legal basis is Article 29(1)(a) of Regulation (EU) No 1093/2010 (the EBA Founding Regulation), which empowers the EBA to promote consistent supervisory practices through opinions to national authorities.

The governing instruments are Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, and the Revised Payment Services Directive, Directive (EU) 2015/2366 (PSD2). The conflict arises because certain crypto asset service providers (CASPs) authorised under MiCA also transact electronic money tokens (EMTs) that qualify as payment services under PSD2, triggering a potential dual-authorisation requirement. The EBA's 2025 No-Action Letter granted CASPs nine months to seek PSD2 authorisation while continuing operations. The February 2026 Opinion sets the conditions under which NCAs may permit CASPs to continue EMT-based payment services post-2 March 2026 without yet holding a PSD2 licence, and the conditions under which NCAs must require service discontinuation.

Exchanges, custodians, and wallet providers that hold MiCA authorisation as CASPs and simultaneously offer EMT-related payment services must assess whether they satisfy the conditions the Opinion sets for continued NCA toleration. CASPs that do not meet all stipulated conditions must cease providing those EMT payment services. The EBA advises NCAs to cooperate with the relevant MiCA authority and national enforcement bodies to ensure compliance. More than 100 CASPs had already approached NCAs informally or submitted PSD2 authorisation applications by February 12, 2026; NCAs must prioritise processing those applications as application volumes are likely to vary across Member States.

The Opinion creates no new transitional period. NCAs in Member States with high application volumes may exercise supervisory discretion on enforcement timing but are not authorised to indefinitely delay compliance. The EBA's streamlined authorisation guidance from the 2025 No-Action Letter — permitting NCAs to reuse information already submitted during the MiCA CASP authorisation process — remains applicable, reducing duplicative paperwork for applicants. CASPs in the authorisation pipeline must document their application status and engage directly with their NCA to confirm their operational continuity position under this Opinion.

Source: European Banking Authority, "The EBA advises national authorities on actions to take at the end of the transition period under its No-Action Letter on the interplay between PSD2 and MiCA," Press Release, 12 February 2026. Official URL: https://www.eba.europa.eu/publications-and-media/press-releases/eba-advises-national-authorities-actions-take-end-transition-period-under-its-no-action-letter. Confirmed: 4 March 2026.

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