On 12 February 2026, the European Banking Authority (EBA) issued an Opinion advising national competent authorities (NCAs) on how to proceed once the transition period under its 2 June 2025 No-Action Letter (EBA/Op/2025/08) expires on 2 March 2026.
The Opinion provides important clarity for crypto-asset service providers (CASPs) transacting electronic money tokens (EMTs) that qualify as payment services — particularly in jurisdictions such as Malta with a strong MiCA licensing footprint.
Background: The PSD2–MiCA Overlap
Under the Markets in Crypto-Assets Regulation (MiCA), CASPs may provide services in relation to EMTs. However, where EMT-related activity qualifies as a “payment service” under the Revised Payment Services Directive (PSD2), a separate authorisation as a payment service provider (PSP) may also be required.
To address this regulatory overlap, the EBA issued a No-Action Letter in June 2025 granting a nine-month transition period. During this period, CASPs could continue providing EMT services qualifying as payment services while applying for PSD2 authorisation.
The EBA also advised NCAs to:
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Treat only a subset of EMT services as payment services; and
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Apply a streamlined authorisation process leveraging documentation already submitted under MiCA.
The 12 February 2026 Opinion
With the transition period ending on 2 March 2026, the EBA’s latest Opinion clarifies supervisory expectations.
Conditional Continuation
NCAs are advised to allow CASPs to continue providing EMT services that qualify as payment services after 2 March 2026 only where certain conditions are met. These include:
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Submission of a PSD2 authorisation application;
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Demonstrable compliance progress; and
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Absence of material supervisory concerns.
This is not a blanket extension of the transition period, but rather a case-by-case supervisory approach.
Discontinuation Where Conditions Are Not Met
Where CASPs have not applied for PSD2 authorisation, or fail to meet the required conditions, NCAs are advised to require discontinuation of the relevant EMT services.
The Opinion also emphasises cooperation between PSD2 and MiCA authorities to ensure consistent enforcement.
Implications for Malta
For Maltese-based CASPs, the Opinion significantly reduces regulatory flexibility.
Key risks include:
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Operational disruption if PSD2 authorisation is delayed;
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Supervisory or enforcement exposure;
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Reputational impact; and
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Limitations on cross-border activity.
MiCA authorisation alone may not be sufficient where EMT activities fall within PSD2 scope. Firms should urgently assess whether their business model triggers dual authorisation requirements and ensures that any PSD2 application is complete and robust.
How BDO Malta Can Assist
BDO Malta supports CASPs through:
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Regulatory scoping – assessing whether EMT services fall within PSD2;
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Authorisation support – preparing and reviewing PSD2 applications, leveraging MiCA documentation;
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Governance and safeguarding frameworks – aligning internal controls with PSD2 requirements;
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Capital and prudential analysis – reviewing own funds and safeguarding arrangements; and
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Ongoing compliance support – gap analysis, internal audit and regulatory remediation.
For further information, please contact: legal@bdo.com.mt