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Published : 2025-08-29
Vol. 99 No. 2 (2025)

The area of interplay of crypto-asset and payment services in EU law

Konrad Stolarski

https://orcid.org/0000-0002-1390-3300

DOI: https://doi.org/10.26354/bb.6.2.99.2025

Abstract

Due to the (un)expected delays of the Polish government in the work of adapting national law to the EU MiCA Regulation, despite the fact that this act is already fully applicable throughout the European Union as of December 30, 2024, in mid-2025 it is still not possible to make a reliable legal or business assessment of the first months of functioning of the EU and Polish market in the new regulatory framework of crypto-asset services. However, it should be emphasized that the scale of complexity of legal issues impacted by the emergence of MiCAR in the EU financial market goes far beyond the strictly local – e.g. Polish specifics. One can even conclude that at the level of EU legislative work, it was either underestimated or not fully noticed, how widely the MiCAR regulation will affect the "traditional" financial market. The purpose of this article is to indicate precisely such an example of regulatory interplay at the EU level, where crypto-asset laws affect the payment service regulations, both those already in force as well as pending adoption, i.e. respectively (i) the PSD2 and EMD2 directives, and (ii) the PSR regulation and the PSD3 directive, which are currently at the final stage of the EU legislative process.

Keywords:

MiCA, MiCAR, PSD2, PSD3, emoney, crypto, payments, FINTECH, PAYTECH, EBA, EU

JEL Codes

E42, G20, G28, G29, K23, K24, K29, L59


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Stolarski, K. (2025). The area of interplay of crypto-asset and payment services in EU law . Safe Bank, 99(2), 105–121. https://doi.org/10.26354/bb.6.2.99.2025

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