Regulating EMTs at the Intersection of MiCAR and PSD2: Legal Ambiguities and the EBA's No-Action Letter

In its Opinion EBA/Op/2025/08, issued in the form of a No-Action Letter , the European Banking Authority (‘EBA’) endeavoured to mitigate the increasing uncertainties on the matter through a transitional, nonbinding enforcement approach. While the initiative acknowledges the practical difficulties faced by the industry, it also accentuates the depth of the underlying legislative misalignment, thereby inviting a broader assessment of the architecture itself. The contribution examines the position of the EBA, highliting the critical issues relating to the coordination between the MiCAR and the payment service legislation