2025-06-11
From 2 March 2026 crypto-asset service providers carrying out certain electronic money token (EMT) transactions will be required to hold an additional authorisation to provide payment services.
This is provided for in the No Action letter, published on 10 June 2025, on specific cases of interplay between Directive (EU) on payment services in the internal market (PSD2) and Regulation on markets in crypto-assets (MiCA) in relation to crypto-asset service providers that transact EMTs. We would like to remind you that EMTs are dual-purpose, i.e. it is both electronic money and crypto-assets.
The recommendations set out in the letter cover all legal persons that intend to provide, or are already providing, services related to EMTs, provided that these services can qualify as payment services.
As stated in the No Action letter, the transfer of crypto-assets is regarded as a payment service under PSD2 if:
- the transactions entail EMTs
- the transfer service is provided on behalf of the client.
At the same time, the custody and administration of EMTs on behalf of clients are regarded as a payment service and custodial wallets as payment accounts under PSD2 if they allow to send and receive EMTs to and from third parties.
The No Action Letter states that services of exchange of crypto-assets for funds and exchange of crypto-assets for other crypto-assets, if the exchange transactions entail EMTs, are not regarded as payment services under PSD2.
In addition, the No Action letter provides advice for the simplified authorisation process, the calculation of capital and own funds, consumer protection, security of payment transactions, safeguarding of clients’ funds, and other requirements during the transitional period.
Based on the provisions of the No Action letter, crypto-asset service providers offering the specific crypto-asset services related to EMTs which are regarded as payment services must obtain an additional payment institution authorisation no later than by 1 March 2026, or transfer the provision of these services to the entities holding the relevant authorisation. Otherwise, at the end of this transitional period, they will be required to discontinue the provision of the mentioned specific crypto-asset services related to EMTs.
If you have any questions, further information about the content of the No Action letter and future processes will be provided by Lietuvos bankas’ units responsible for the licensing and supervision of crypto-asset service providers and/or electronic money institutions or payment institutions, whose contact details can be found here.