EBA's No Action Letter on EMTs: A Regulatory Bridge
The European Banking Authority (EBA) has published a significant No Action letter addressing the complex overlap between the Payment Services Directive 2 (PSD2) and the Markets in Crypto-Assets Regulation (MiCA) for electronic money tokens (EMTs). The fundamental challenge stems from EMTs’ dual legal nature—simultaneously defined as “crypto-assets” under MiCA and as “funds” under PSD2—creating a […]