OKX snags European payments license for stablecoin and crypto card expansion

Cryptocurrency exchange OKX has obtained a payment institution (PI) license in Malta, aligning with European Union regulatory requirements that take effect 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, crypto-asset service providers engaging in payment activities involving stablecoins, legally classified as electronic money tokens (EMTs), must hold 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. Securing a Payment Institution license ensures that these products operate on a fully compliant footing,” said Erald Ghoos, CEO of OKX Europe.

At the end of last month, OKX introduced a crypto payment card in Europe in association with Mastercard. The exchange is enthusiastic about stablecoins entering mainstream finance. OKX Ventures, the firm’s innovation investment arm, recently backed stablecoin issuance platform STBL.