Payment services encompass the mechanisms and infrastructure facilitating the transfer of funds between parties. In the digital asset realm, this includes using cryptocurrencies for transactions, stablecoins for remittances, and blockchain-based payment rails. These services aim to offer faster, cheaper, or more accessible alternatives to traditional financial systems.
Context
The development of digital asset-based payment services is a significant area of innovation, particularly with the rise of stablecoins and central bank digital currencies. Regulatory bodies are actively assessing their potential benefits and risks, focusing on consumer protection, financial stability, and anti-money laundering compliance. Interoperability and global adoption remain key challenges.
Stablecoin issuers must now architect compliance for dual MiCA/PSD2 licensing by March 2026, significantly increasing capital and operational costs across the EU.
The MiCA-PSD2 regulatory overlap mandates dual licensing for e-money token services, fundamentally increasing capital and compliance burdens by March 2026.
The Bank of Canada's new mandate under the Retail Payment Activities Act fundamentally redefines compliance for payment service providers, including digital asset entities.
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