{"id":55657,"date":"2025-10-31T14:02:06","date_gmt":"2025-10-31T14:02:06","guid":{"rendered":"https:\/\/thecryptocurrencypost.net\/es\/?p=55657"},"modified":"2025-10-31T14:04:30","modified_gmt":"2025-10-31T14:04:30","slug":"riesgo-de-regulatory-own-goal-en-la-ue-por-choque-micapsd2-advierte-ejecutivo-de-circle","status":"publish","type":"post","link":"https:\/\/thecryptocurrencypost.net\/es\/riesgo-de-regulatory-own-goal-en-la-ue-por-choque-micapsd2-advierte-ejecutivo-de-circle\/","title":{"rendered":"Riesgo de \u201cregulatory own goal\u201d en la Uni\u00f3n Europea por superposici\u00f3n entre MiCA\u2013PSD2"},"content":{"rendered":"<p><strong>La UE afronta un posible \u201cregulatory own goal\u201d por la superposici\u00f3n entre MiCA y PSD2<\/strong>, advirti\u00f3 Patrick Hansen, ejecutivo de Circle. <strong>La doble autorizaci\u00f3n y los requisitos de capital para Electronic Money Tokens (EMT) pueden frenar servicios y afectar a usuarios y mercados<\/strong> antes de que exista una soluci\u00f3n legislativa definitiva. Esto importa a empresas cripto, autoridades nacionales y clientes que usan EMTs para pagos digitales.<\/p>\n<p><!--more--><\/p>\n<p>MiCA, aplicable desde junio de 2023 y plenamente efectiva desde diciembre de 2024, <strong>clasifica a los EMT como dinero electr\u00f3nico<\/strong>, mientras que PSD2 regula servicios de pago tradicionales. <strong>Esa doble condici\u00f3n coloca a los EMT en un punto muerto regulatorio<\/strong> que complica su integraci\u00f3n en el marco de pagos.<\/p>\n<p><strong>Los CASP que gestionan transferencias o custodia de EMTs pueden necesitar <a href=\"https:\/\/www.eba.europa.eu\/publications-and-media\/press-releases\/eba-publishes-no-action-letter-interplay-between-payment-services-directive-psd23-and-markets-crypto\" target=\"_blank\" rel=\"noopener noreferrer\">licencia de CASP bajo MiCA<\/a> y autorizaci\u00f3n de entidad de pago bajo PSD2<\/strong>, con capital inicial y fondos propios acumulativos. <strong>La Autoridad Bancaria Europea (EBA) considera \u201cindeseable\u201d imponer dos marcos sobre la misma actividad<\/strong> por los solapamientos, vac\u00edos e inconsistencias que generan en la supervisi\u00f3n.<\/p>\n<p>La EBA ha emitido una carta de no actuaci\u00f3n y una opini\u00f3n que ofrecen gu\u00eda temporal y proponen ajustes legislativos a medio plazo. <strong>Recomienda no exigir de inmediato la doble licencia y \u201cdespriorizar\u201d ciertas obligaciones hasta el 2 de marzo de 2026<\/strong>, manteniendo como prioritarias la SCA y los reportes de fraude. <strong>Confirma, no obstante, que los requisitos de capital de MiCA y PSD2 son acumulativos<\/strong> y no pueden computarse dos veces las mismas reservas.<\/p>\n<h2>Las claves de <strong>la superposici\u00f3n entre MiCA y PSD2<\/strong>,<\/h2>\n<p><strong>\u201cLa UE corre el riesgo de un \u2018regulatory own goal\u2019 si no aclara la interacci\u00f3n entre MiCA y PSD2\u201d<\/strong>, se\u00f1al\u00f3 Patrick Hansen, ejecutivo de <a href=\"https:\/\/thecryptocurrencypost.net\/es\/companias\/\" target=\"_blank\" rel=\"noopener\">Circle<\/a>.<\/p>\n<p><strong>Los costes de cumplimiento y las mayores necesidades de capital pueden reducir la liquidez y la inversi\u00f3n en nuevos productos<\/strong>, limitando la oferta de servicios regulados. <strong>Existe riesgo de fragmentaci\u00f3n regulatoria<\/strong> si los Estados miembros interpretan de forma distinta el solapamiento, lo que afectar\u00eda la competencia y la protecci\u00f3n al usuario.<\/p>\n<p><strong>Surgen incentivos a modelos de autocustodia<\/strong> ante la carga regulatoria, con el consiguiente desplazamiento de actividad fuera de proveedores supervisados. <strong>La responsabilidad de los CASP por p\u00e9rdidas de usuarios persiste<\/strong> incluso cuando ciertas obligaciones est\u00e1n temporalmente \u201cdespriorizadas\u201d.<\/p>\n<p><strong>El calendario clave es la transici\u00f3n hasta el 2 de marzo de 2026 y las negociaciones de PSD3\/PSR<\/strong>; la resoluci\u00f3n de estas piezas legislativas <strong>definir\u00e1 si la UE corrige el choque MiCA\u2013PSD2 o mantiene barreras<\/strong> que condicionen la adopci\u00f3n de servicios basados en EMTs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>La UE afronta un posible \u201cregulatory own goal\u201d por la superposici\u00f3n entre MiCA y PSD2, advirti\u00f3 Patrick Hansen, ejecutivo de Circle. La doble autorizaci\u00f3n y los requisitos de capital para Electronic Money Tokens (EMT) pueden frenar servicios y afectar a usuarios y mercados antes de que exista una soluci\u00f3n legislativa definitiva. Esto importa a empresas [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":55656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[82,33],"tags":[140,188,663,1425,285,678],"class_list":["post-55657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economia","category-editors-picks","tag-criptomonedas","tag-mercado","tag-mica","tag-psd2","tag-regulacion-2","tag-ue"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Riesgo de \u201cregulatory own goal\u201d en la Uni\u00f3n Europea por superposici\u00f3n entre MiCA\u2013PSD2 The CryptoCurrency Post ESP<\/title>\n<meta name=\"description\" content=\"La UE afronta un posible \u201cregulatory own goal\u201d por la superposici\u00f3n entre MiCA y PSD2\" \/>\n<meta name=\"robots\" content=\"index, follow, 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