BT-REQ-3972 PSD3 Impacts v6(without crop marks) RL - Flipbook - Page 8
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HL | PSD3 Impacts
4. Electronic
money tokens
(PSD3 Art 3(a) Council
Text; PSR Art 67(a)
Council Text)
Overview
The Council Text is the first that seeks to
properly address electronic money tokens.
Crytpo asset service providers may need dual
authorisation under MICA and PSD3 if they
want to provide payment services in relation
to electronic money tokens.
The vast majority of PSR information and
conduct obligations will apply to such
payment transactions.
What is changing?
The Council Texts are the first set of drafts to
properly engage with the emergence of EMTs.
payment services with EMTs, NCAs have 60 days
to decide an application.
Subject to a couple of specific exemptions (see
“Scope of application and exemptions”), the Council
Texts ensure that transactions involving EMTs are
within the scope of both the payments authorisation
and conduct regimes, by widening the scope of
funds to include EMTs.
Conduct and Information requirements (PSR Art 67a –
Council Text)
Authorisation (PSD3 Art 3a – Council Text)
Firms authorised under MiCAR seeking permission
to carry out payment services using EMTs will also
be required to apply for authorisation under PSD3.
The Council Text also provides that where the
application is from a CASP licensed under MiCAR,
and relates only to authorisation for the provision of
Inscope EMT activity will be subject to the full remit of
the PSR requirements, save for the specific exclusions
proposed in Article 67a of the Council Text that
provides that PSPs providing EMT payment services
are not required to:
disclose maximum execution times and costs
(although reasoned estimates are required);
provide access to PISPs and AISPs (where they
operate as ASPSPs); or
comply with confirmation of payee
requirements.
