Cryptocurrency exchange OKX has obtained a payment institution (PI) license in Malta, aligning with European Union regulatory requirements that will come into force in March.
The license allows OKX to continue offering 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 service providers engaging in payment activities involving stablecoins, legally classified as electronic money tokens (EMT), must have a PI or electronic money institution (EMI) authorization.
“We have recently launched real-world payment products, including OKX Pay and our OKX card, that bring stablecoins into everyday use. Obtaining a payment institution license ensures that these products operate in full compliance,” said Erald Ghoos, CEO of OKX Europe.
Late last month, OKX introduced a crypto payment card in Europe in partnership with Mastercard. The exchange is excited about the entry of stablecoins into mainstream finance. OKX Ventures, the company’s innovation investment arm, recently backed stablecoin issuance platform STBL.
