Cryptocurrency exchange OKX has obtained a payment institution (PI) license in Malta, in compliance with EU regulatory requirements that will come into force in March.
The license allows OKX to continue to offer stablecoin-related payment services across the EU in full compliance with the Markets in Crypto-Assets (MiCA) Regulation and the Second Payment Services Directive (PSD2), the company said in a press release on Monday.
Under the updated PSD2 framework, cryptoasset providers participating in payment activities involving stablecoins, legally classified as electronic money tokens (EMTs), must have a PI or EMI authorization.
“We have recently launched real-world payment products, including OKX Pay and our OKX Card, which bring stablecoins to everyday use. Securing a payment institution license ensures that these products operate on a fully compliant basis,” says Erald Ghoos, CEO of OKX Europe.
At the end of last month, OKX introduced a crypto payment card in Europe in partnership with Mastercard. The exchange is excited about stablecoins entering mainstream finance. OKX Ventures, the firm’s innovation investment arm, recently backed stablecoin issuance platform STBL.
