The No-Action Letter focusses on the licensing requirements for crypto-asset service providers (CASPs) offering services involving electronic money tokens (EMTs).

The No-Action Letter

In summary, the No-Action Letter emphasises that certain services relating to EMTs which the EBA considers to be payment services under PSD2.

These include:

• Transfer of crypto-assets involving EMTs on behalf of clients
• Custody and administration of EMTs, including custodial wallets functioning as payment accounts

At the same time, the EBA considers certain services relating to EMTs to be exempt from the scope of PSD2. These are:

• Crypto-to-fiat exchanges
• Crypto-to-crypto exchanges and
• intermediation in purchases of crypto-assets using EMTs

Finally, the No-Action Letter provides for a transitional period ending on 2 March 2026, by which point CASPs providing payment services in relation to EMTs must apply for a PSD2 licence or partner with an entity authorised under PSD2.

Subsequent guidance issued by the EBA clarified that, subject to certain conditions, Member State regulators may permit CASPs that manage to apply for a PSD2 licence by 1 March 2026 to continue providing payment services in relation to EMTs to existing clients while their application is being assessed.

More details as to the No-Action Letter can be found in our previous posts here and here.

The CBC statement

Based on the above, the CBC has requested CASPs to conduct a self-assessment on whether the crypto asset services offered qualify as payment services, as per the provisions of the No-Action letter and are therefore subject to licensing from the CBC.

Where a CASP does need to be authorised by the CBC for the provision of payment services, the CBC has issued a dedicated application form for CASPs which can be accessed here.

Finally, the CBC requests that CASPs already providing EMT-related payment services should have applied for authorisation by 20 February 2026.

For more details CBC’s guidance can be accessed here