Research
Interactions between the Payment Services Directive (PSD) and the Market-in-Crypto-Assets Regulation (MiCA)
To fully understand the current regulatory challenges, Adan shares a brief analysis of the impact of the Market-in-Crypto-Assets Regulation (MiCA) and its interactions with the Payment Services Directive (PSD). Since the partial implementation of MiCA on June 30, new stablecoin rules have marked a turning point for the industry. However, uncertainties remain about how stablecoin issuers and crypto-asset service providers (CASPs) are to simultaneously comply with both MiCA and PSD requirements, raising concerns within the sector.
Key points of the analysis
The interaction between PSD and MiCA introduces complexities for market players. When stablecoins are interpreted as “funds” under PSD, CASPs face new compliance demands, increasing operational burdens beyond MiCA’s framework. Additionally, as CASPs are required to adhere to PSD conditions, barriers to accessing traditional payment infrastructures persist, limiting the integration of stablecoins within conventional payment systems and restricting their use across the crypto ecosystem.
Adan identified this issue last year and, in this context, revisits its simple explanation to clarify these challenges and their impacts on the sector.
This critical topic requires attention from all industry stakeholders to anticipate potential regulatory consequences effectively.
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