scope of the PSRs (unless the cryptoasset in question meets the definition of e-money) because they only regulate activities with regards to funds which are defined as ‘banknotes and coins,scriptural money and electronic money’ (regulation 2 of the PSRs). However, a payment service that relates to funds will be in scope, even if cryptoassets are used to facilitate the service. The regulated payment service is the payment service provided to specific clients (for example clients at each side of a money remittance services) and not the dealings among payment service providers to deliver the end payment arising from that service. For