🎧 In this episode of “Alles Legal – Fintech-Recht kompakt”, Dana Wondra from Payment & Banking speaks with Kemal Ahmedi, lawyer and partner at Annerton, about a regulatory overlap that is highly relevant for crypto-asset service providers: the interaction between MiCAR and PSD2 in relation to e-money tokens. – Tune in now!
MiCAR, PSD2 and the new reality for e-money tokens
MiCAR created the first harmonised EU framework for crypto-assets. However, e-money tokens show that this framework does not operate in isolation. Under Article 48 MiCAR, e-money tokens qualify as e-money. Where such tokens are held or transferred, payment services law may therefore also come into play.
What the EBA No-Action Letter changed
The issue became particularly relevant following the EBA No-Action Letter of 10 June 2025. In it, the EBA recommended that certain PSD2 requirements should not be prioritised during a transitional period and advised EU legislators to avoid dual authorisation requirements for EMT transactions in the long term.
That transitional period ended on 2 March 2026. Since then, crypto-asset service providers have had to assess whether transfers of e-money tokens require an additional PSD2 or German ZAG licence, or whether they can operate as an agent of a payment institution.
Why dual regulation remains relevant
The episode also covers the requirements for ongoing licence applications, why some providers obtained ZAG authorisation faster than expected, and why PSD3 and the PSR are unlikely to fully resolve the overlap.
The key takeaway: MiCAR does not regulate the crypto market in isolation. Particularly for e-money tokens, crypto regulation and payment services law are increasingly converging – with direct consequences for business models, licensing and operational processes.
About this podcast
Alles Legal – Fintech Recht Kompakt delivers sharp, weekly insights into legal and compliance matters in the world of banking. (in German only)
This podcast is a collaboration between Payment & Banking and PayTechLaw.
Each Wednesday, we unpack the legal developments shaping the financial world – clearly, concisely, and without the legal jargon.
Since 2021, PayTechLaw authors and Annerton attorneys have brought depth and clarity to complex topics.
Whether it’s PSD3, DORA, or FiDA – we provide the legal context you need.
In 20 minutes. No detours.
