Delphine Forma (Head of Policy, Europe at Solidus Labs) welcomes back Markus Molleskov, Chief Risk and Compliance Officer and Co-Founder at Januar. In their second conversation on the show, Delphine and Markus unpack the complex intersection between MiCA and the Payment Services Directives (PSD2/3)  — a regulatory topic that’s quickly becoming mission-critical for crypto firms operating in Europe.

Markus breaks down the EBA’s recent no action letter, explaining why EMTs (E-Money Tokens) are considered “funds” and what that means for CASPs. He outlines when firms must pursue dual licensing under PSD2, how first- and third-party EMT transfers differ, and why the current guidance may force crypto companies to rethink custody and client asset services.

With deep regulatory experience and a mathematical finance background, Markus also shares how Januar is navigating the landscape by offering integrated fiat-crypto payment infrastructure,  and what their plans are for stablecoin interoperability and tokenized assets in the next market cycle.