How does PSD3 affect Crypto-Asset Service Providers (CASPs) in the EU?

PSD3 significantly impacts Crypto-Asset Service Providers (CASPs) by creating a complex regulatory landscape where they may need authorization under both PSD3 and the Markets in Crypto-Assets (MiCA) regulation. This dual requirement can lead to cumulative capital requirements, adding substantial cost and operational complexity for firms dealing with electronic money tokens. The European Banking Authority's June 2025 opinion specifically highlighted this challenge, noting that CASPs face steeper compliance hurdles than traditional financial institutions. While PSD3 aims to modernize payments and level the playing field for fintech companies, it creates what experts describe as 'needing two different driver's licenses for the same car' for crypto firms. CASPs must prepare for stronger, unified security standards, streamlined electronic money rules, and explicit oversight of the traditional finance-crypto overlap. The regulation represents a major shift from previous frameworks, requiring CASPs to thoroughly review governance structures, capital adequacy, and customer fund protection mechanisms to meet the March 2026 compliance deadline.

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