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

Key points include:

Transition period guidance: The No-Action Letter advises national competent authorities (NCAs) to 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.

In order to benefit from this exemption, the EBA proposes a number of conditions, including the submission of a fully completed application, no negative regulatory history and adequate and timely responses on the part of the applicant as well as restrictions on marketing activity.

Post-transition scenarios:

The EBA acknowledges that three scenarios may apply in respect of a CASP following 1 March 2026:

• CASPs fully compliant with PSD2: CASPs authorised to provide payment services under PSD2 may continue to provide services in relation to EMT transactions or partner with a licensed payment service provider (PSP).
• Pending applications: CASPs that have already submitted a licensing application under PSD2 may continue to provide services in relation to EMT transactions to existing clients, subject to the conditions outlined above and in the guidance.
• Non-compliant CASPs: CASPs that fail to submit an application or to meet the relevant conditions must cease providing EMT-related payment services and offboard clients in the EU.

Methods of partnering with PSPs:

Finally, the EBA mentions that a method for a CASP to partner with a PSP, may be for that CASP to be appointed as the PSP’s agent under PSD2. However, in that case the EBA also notes that Member State regulators should also assess whether the PSP itself would need to be authorised as a CASP in that case.

For more information, the EBA’s opinion can be found here and the EBA’s no action letter can be found here.