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The Markets in Crypto-Assets (MiCA) Regulation establishes legal rules for crypto-assets that have a financial use and fall outside the scope of Union legislative acts on financial services. Among these crypto assets, it pays special attention to stablecoins, the so-called MiCA electronic money tokens and asset-referenced tokens, which are characterised by serving as a payment function. It is precisely this function of being a means of payment that raises the question of whether the transactions carried out with these crypto assets, or at least some of them, can be qualified as payment services, to which the legal framework for payment services, contained mainly (but not exclusively) in the Second Payment Services Directive (PSD2), currently under revision, would apply. This paper deals with the relationship between the two sets of rules (MiCA and PSD2). It analyses to what extent the existing and planned rules (PSD3 and Payment Services Regulation) can be applied to or somehow cover electronic money tokens and asset-referenced tokens.

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PSD3 and the Regulation on Payment Services in the Context of Crypto Assets as a Means of Payment

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  • 发表日期：

    2025年

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  • Lucía Alvarado Herrera

摘要

The Markets in Crypto-Assets (MiCA) Regulation establishes legal rules for crypto-assets that have a financial use and fall outside the scope of Union legislative acts on financial services. Among these crypto assets, it pays special attention to stablecoins, the so-called MiCA electronic money tokens and asset-referenced tokens, which are characterised by serving as a payment function. It is precisely this function of being a means of payment that raises the question of whether the transactions carried out with these crypto assets, or at least some of them, can be qualified as payment services, to which the legal framework for payment services, contained mainly (but not exclusively) in the Second Payment Services Directive (PSD2), currently under revision, would apply. This paper deals with the relationship between the two sets of rules (MiCA and PSD2). It analyses to what extent the existing and planned rules (PSD3 and Payment Services Regulation) can be applied to or somehow cover electronic money tokens and asset-referenced tokens.