Latest Payments News: Dutch Case Puts PSD2 Scope Before EU Judges, and more

Catch up on some of the stories our payments compliance analysts have covered lately, and stay up-to-date on the latest news.

Dutch Case Puts PSD2 Scope Before EU Judges

A brewing verdict from the EU’s highest court could redefine the scope of the revised Payment Services Directive (PSD2) and bring new financial actors into compliance.

The College van Beroep voor het bedrijfsleven (CBb), the Netherlands' highest administrative court for business and economic matters, has asked the Court of Justice of the European Union (CJEU) to clarify a key point of European payment services law in a dispute involving Betaal Garant Nederland CV and De Nederlandsche Bank (DNB).

The case also involves Dutch homeowners' association Vereniging Eigen Huis as an interested party.

The court is asking whether a service where an intermediary receives and forwards funds, specifically where it collects payments into its own payment account and transfers them onwards after obtaining the client's consent, should qualify as a “payment service” under EU law.

More precisely, the question focuses on whether this arrangement constitutes “execution of payment transactions” within the meaning of PSD2.

The answer could have significant implications for the regulatory classification of certain intermediated payment models across the EU, affecting licensing obligations and oversight by national competent authorities such as the DNB.

A decision from the CJEU typically takes several months. Once issued, it will provide authoritative guidance not only for the Dutch proceedings but also for similar cases across the EU.

SEC Has 'Opened The Door' To Blockchain Transactions With Stablecoin Statement

The US Securities and Exchange Commission’s (SEC) statement on stablecoin regulation provides an opportunity for cross-border payments innovation.

In the midst of the chaos unleashed in Washington by the Trump administration, there have been some winners so far — in particular, crypto firms and their fans in the banking industry.

US banking giants such as JP Morgan and Bank of America have shown their enthusiasm for stablecoin issuance, and the regulatory clarity offered by the SEC’s statement, issued in April, will only enhance that.

In the statement, the SEC said that certain stablecoins pegged to the US dollar, fully backed by low-risk, liquid assets and redeemable 1:1 for USD are not considered securities under federal law, provided they meet specific criteria related to their use, design and reserve composition.

UK's New Rules On Crypto-Assets Aim To Drive Growth While Protecting Consumers

The new framework for regulating crypto-assets, announced by finance minister Rachel Reeves, is intended to promote the safe use of such assets, and comes at a critical point in the industry’s evolution.

The draft statutory instruments introduced by the Labour government represent an attempt to bring crypto exchanges, dealers and agents within the scope of regulation and to provide clear rules that allow innovation and drive growth.

The goal is to apply to crypto firms operating in the UK the same levels of scrutiny faced by firms in more traditional areas of financial services, with new standards on transparency, consumer protection and operational resilience.

“Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK,” said Reeves.

HM Treasury originally proposed introducing a crypto regulatory regime in October 2023, and the Labour government confirmed the plan in November 2024

The UK crypto sector has grown significantly in recent years, with research by the Financial Conduct Authority (FCA) showing that around 12 percent of UK adults owned crypto in 2024, up from 4 percent in 2021.

This growth has underlined the need for regulation to frame what is and is not permissible and to provide an appropriate level of consumer protection.

The policy note accompanying the draft regulation states that HM Treasury intends to legislate for the new crypto-asset regulatory regime by the end of 2025, subject to parliamentary time allowing.

Any comments on the draft text should be submitted by May 23.

US Crypto Industry 'Not Getting A Fair Shake', Says Wyoming's Lummis

Senator Cynthia Lummis has argued that the Federal Reserve Board continues to flout the law on master accounts, and that it is continuing the Biden-era opposition to crypto.

In a threaded series of posts on X (formerly Twitter), the Republican senator for Wyoming accused the regulator of holding back the industry through its crypto-asset policy, despite having withdrawn guidance for banks on crypto-assets and dollar tokens.

She said: “The Federal Reserve’s actions yesterday withdrawing crypto guidance are just lip service. Here’s why: The Fed continues to illegally flout the law on master accounts."

Lummis added: “Unlike the OCC and FDIC, the Fed STILL uses reputation risk in bank supervision. The Policy Statement on Section 9(13) hasn’t been withdrawn, which says bitcoin and digital assets are unsafe and unsound. Last but certainly not least, the Fed staff behind Operation Chokepoint 2.0 are the same people still working on crypto issues today.”

Senator Lummis is known to be one of the strongest advocates of the crypto-assets sector in Washington, DC, and her home state of Wyoming has been one of the early adopters of crypto and digital assets.

Wyoming is planning to launch a stablecoin, the Wyoming Stable Token, which would be the first fiat-backed token issued by a government in the US, by July 2025.

Nubank Gets Banking Go Ahead From Mexican Authorities

Brazilian fintech Nubank has received a licence from the National Banking and Securities Commission to transform its Mexican subsidiary, Nu Mexico, into a bank.

It is the first Sociedad Financiera Popular (SOFIPO), microfinance organisations for low-income consumers, in Mexico to get a banking licence, Nubank said.

Nu Mexico will go through a regulatory audit before beginning banking operations and until then would continue to operate as a SOFIPO during the transformation process, it added.

David Vélez, CEO and founder of Nubank, said Mexico was a key pillar of Nubank’s global strategy.

”We have invested more than US$1.4 billion (£1.05 bn) in the market, not only for growth, but also to drive innovation and raise the standards of the local financial sector,” Velez said.

He added: “Our mission to challenge the status quo for the benefit of our customers has led us to pioneer the transition from SOFIPO to bank, a milestone that we are confident will further stimulate innovation and competition in Mexico.”

Nubank entered the Mexican market in 2019, launching a no-fee credit card in 2020. In the fourth quarter of 2024, Nu surpassed 10m customers and US$4.5bn in deposits.

Nubank said it believes that Mexico, with the highest GDP per capita in Latin America, a highly concentrated banking sector, low financial inclusion and high technology adoption rates, represents a distinct opportunity in the region. Its portfolio now includes a debit account, personal loans and credit building cards.

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