The PSD2 Directive is a European Union regulation governing payment services and providers within the European Economic Area. This directive aims to enhance consumer protection, promote innovation, and increase competition in the payments sector by facilitating new payment services and ensuring secure electronic transactions. It mandates strong customer authentication for online payments and enables third-party providers to access customer account information with explicit consent, a concept known as Open Banking. While not directly addressing digital assets, its principles influence regulatory approaches to payment innovation that could intersect with crypto services.
Context
The discussion surrounding the PSD2 Directive often focuses on its impact on traditional financial institutions and the rise of new fintech services, including those that leverage distributed ledger technology for payments. A key debate involves how existing regulatory frameworks, like PSD2, will adapt or extend to cover novel digital asset payment mechanisms and stablecoins. Future developments anticipate a potential evolution of such directives to provide clearer guidance and regulatory certainty for blockchain-based payment solutions within the European market.
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.
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