Today, we're announcing that Crossmint has submitted an application to the Bank of Spain for authorization as a Payment Institution (PI) under the EU's Payment Services Directive (PSD2).

Crossmint's mission is to build practical infrastructure that allows enterprise fintechs, neobanks, remittance providers, and payroll platforms to quickly adopt stablecoin rails and transform how money moves globally. Doing that well in Europe means operating under the full regulatory stack. This application is the next step in building that foundation.

Enhancing Our Regulatory Stack for Stablecoin Payments in Europe

Crossmint received MiCA class 2 authorization from Spain's CNMV earlier this year, establishing our authorization to operate as a crypto-asset service provider across the EU. PSD2 is a natural expansion of our compliance footprint, enabling stablecoins to be used as a means of payment under EU payments law. For reference, a CASP registration allows passporting across all 27 EU member states, and those passporting rights extend to payment services covered under PSD2 while the application is being processed.

“As stablecoins become core payment infrastructure in Europe, companies need a partner with the complete regulatory stack,” says Miguel Zapatero, Crossmint’s General Counsel. “Crossmint aims to be among the first stablecoin infrastructure providers in the EU operating under both MiCA and PSD2 frameworks.”

What a PSD2 License Unlocks

The PSD2 license gives Crossmint and the fintechs building on our infrastructure several things that matter:

Full-stack regulatory coverage: Our stablecoin custodial wallets and transfer infrastructure will be governed by the requirements of both MiCA and PSD2.

Client-grade protections as a product feature: PSD2 mandates strong customer authentication, defined fraud liability frameworks, and enhanced prudential safeguards. These protections are not limited to compliance requirements, but are incorporated into the core service offering.

Independence from third-party payment processors: Without a PI licence, e-money tokens (stablecoins) transfer services require partnering with a licensed payment provider to execute such transactions on behalf of clients. This authorization removes that dependency.

A foundation for what comes next: PSD3 and the Payment Services Regulation are on the horizon. We're building now with the compliance infrastructure that will matter as the regulatory landscape continues to evolve.

Why This Matters

Regulatory clarity around stablecoins in the EU is increasing. MiCA has established the framework for crypto-assets, and through guidelines and communications, European authorities have progressively clarified various aspects of its interpretation. In this context, the objective of ensuring that stablecoin infrastructure meets standards comparable to traditional payment systems has become clear and Crossmint is committed to delivering on it.

Crossmint exists to make stablecoins practical infrastructure for global money movement, powering financial products in markets that need them, and building a financial system that works for everyone. Doing that well means meeting the regulatory requirements head-on.

The PSD2 application is pending approval by the Bank of Spain. We'll share more as the process advances.