Qualification of crypto-asset service in case of exchange of electronic money tokens for other crypto-assets

Should the service consisting in exchanging electronic money tokens for other crypto-assets be qualified as exchange of crypto-assets for crypto assets or as exchange of funds for crypto assets?

Crypto asset services providers (CASPs) will in the future provide the regulated service consisting in exchanging electronic money tokens for other crypto assets.  However, due to the fact that electronic money tokens are a type of crypto-asset deemed to be electronic money (MICAR 48(2)), and that electronic money is to considered as “funds”, it is therefore not entirely clear if CASPs would, in this situation, exchange crypto-assets (understood as EMT) for crypto assets or exchange funds (i.e. EMT) for crypto assets. This can have an impact on the compliance of said CASPs regarding payment regulation (PSD2) since if the collection of “funds” occur for a third party (in specific cases where the CASP acts as an intermediary between holders and liquidity providers for example), then CASPs would need to either be authorized under PSD2 or be registered as an agent under the same directive. Hence, clarification as to whether or not EMT are to be  seen as funds or as crypto-assets in this situation is key to assess the overall compliance of CASPs’ business models