# PSR Article 118 — Transitional provisions

Textual state: amended_substantial. 24 words changed

- Compared text: Council position at first reading (Council document 8543/26) — not yet law.
- Compared against: Council document 8221/26 — superseded.
- Classification is mechanical; method: https://paymentslaw.eu/method/
- Editorial review state: not_assessed. Editor's notes are selective, not a complete assessment.

Word-level diff for each step, earlier → later edition: `{+text+}` was inserted, `[-text-]` was deleted.

## Step 1 · Commission proposal (2023) to Council compromise text (April 2026)

Article — → 108a. Textual state: inserted. New in the compromise text.

- Editorial review state: not_assessed.

### New unnumbered text

{+By way of derogation from Directive (EU) 2015/2366, until [21 months after the entry into force of this Regulation]: (a) the following payment transactions shall be excluded from the application of Directive (EU) 2015/2366: - payment transactions made exclusively in electronic money tokens directly from the payer to the payee, without any intermediary intervention; - payments transactions carried out by a crypto-asset service provider intermediating between a buyer and a seller where electronic money tokens are exchanged for other electronic money tokens or for crypto-assets, as well as the exchange of electronic money tokens for funds, including electronic money tokens, or crypto-assets carried out by a crypto-asset service provider acting in its own name as buyer or seller of those electronic money tokens; - payment transactions carried out between crypto-asset service providers or their branches for their own account. (b) as regards payment transactions with electronic money tokens settled on the distributed ledger, where payment service providers are not able, due to circumstances that are not attributable to them, to comply with the obligations set out by Article 45(1), points (b) and (c), Article 52(2), point (e) and (3), point (a) and Article 56 of Directive (EU) 2015/2366, the payment service providers shall provide the information required therein by way of a reasoned estimation as soon as possible, and in any case prior to the payer authorising the transaction; (c) payment service providers shall not be required to apply Article 66(4) and Article 67(3) of Directive (EU) 2015/2366 as regards payment transactions with electronic money tokens.+}

## Step 2 · Council compromise text (April 2026) to Council position at first reading (October 2026)

Article 108a → 118. Textual state: amended_substantial. 24 words changed

- Editorial review state: not_assessed.

### Unnumbered text

By way of derogation from Directive (EU) 2015/2366, until {+… +}[21 months [-after -]{+from +}the {+date of the +}entry into force of this Regulation]: (a) the following payment transactions shall be excluded from the application of Directive (EU) 2015/2366: [-- -]{+(i) +}payment transactions made exclusively in electronic money tokens directly from the payer to the payee, without any intermediary intervention; [-- payments -]{+(ii) payment +}transactions carried out by a crypto-asset service provider intermediating between a buyer and a seller where electronic money tokens are exchanged for other electronic money tokens or for crypto-assets, as well as the exchange of electronic money tokens for funds, including electronic money tokens, or crypto-assets carried out by a crypto-asset service provider acting in its own name as buyer or seller of those electronic money tokens; [-- -]{+(iii) +}payment transactions carried out between crypto-asset service providers or their branches for their own account. (b) as regards payment transactions with electronic money tokens settled on the distributed ledger, where payment service providers are [-not able, -]{+unable, +}due to circumstances that are not attributable to them, to comply with the obligations set out [-by -]{+in +}Article 45(1), points (b) and (c), Article 52(2), point [-(e) and (3), -]{+(e), Article 52(3), +}point [-(a) -]{+(a), +}and Article 56 of Directive (EU) 2015/2366, the payment service providers shall provide the information required therein by way of a reasoned estimation as soon as possible, and in any case prior to the payer authorising the transaction; (c) payment service providers shall not be required to apply Article 66(4) and Article 67(3) of Directive (EU) 2015/2366 as regards payment transactions with electronic money tokens.