The Bank of Italy today publishes 'The revision of PSD2 and the interplay with MiCAR in the rules governing payment services: evolution or revolution?', the new issue of the series 'Markets, infrastructures, payment systems'.
This paper analyses the prospects for changes in the scope of the European Union's payment services legislation in the context of the current Payment Services Directive (PSD2) review process, based on the proposals for a new directive (PSD3) and regulation (PSR) published by the European Commission on June 28, 2023. Specific attention is paid to the different policy options for the EU legislator concerning the possible extension of the scope of the PSD3/PSR package to new entities (including technical service providers) and new services (e.g. cash-in-shop). Another important issue is the coordination of the PSD2 review with other EU sectoral legislation, particularly MiCAR, the new regulation on markets in crypto-assets, distinguishing between the different categories of instruments (e-money tokens, asset-referenced tokens and other crypto-assets) and taking into account whether or not they are suitable for performing a payment function.
