E-money tokens and coordination issues between the Market in Crypto-assets Regulation (MiCAR) and the payment services legislation (PSD2)

This article examines the host of regulatory questions concerning the coordination between Regulation (EU) 2023/1114 (MiCAR) and payment services legislation (PSD2). It explores the legal characterization of e-money tokens (EMTs), highlighting some critical aspects vis-à-vis the notion of ‘e-money’ provided by the e-money directive and the definition of ‘funds’ in the PSD2. It studies the features and characteristics of the services associated with EMTs which should in fact trigger the application of the PSD2. It puts forward a possible interpretative approach to disentangle activities to be qualified as ‘crypto asset services’ from those to be defined as ‘payment services’ and thus coming within the scope of the PSD2. The analysis deals with the legal characterization of operating models that enable users to carry out disintermediated payment transactions (peer-to-peer).

Questo articolo esamina le numerose questioni normative riguardanti il coordinamento tra il Regolamento (UE) 2023/1114 (MiCAR) e la legislazione sui servizi di pagamento (PSD2).