Cryptocurrency exchange OKX has been granted a Maltese Payment Institution (PI) license in line with European Union regulatory requirements that will come into effect in March.
The license allows OKX to continue offering stablecoin-related payment services across the EU in full compliance with the Markets in Cryptocurrency (MiCA) Regulation and the Payment Services Directive 2 (PSD2), the company said in a press release on Monday.
Under the updated PSD2 framework, crypto-asset service providers that engage in payment activities involving stablecoins that are legally classified as electronic money tokens (EMTs) will need to obtain PI or electronic money institution (EMI) authorization.
“We recently launched real-world payment products such as OKX Pay and OKX Card, which enable everyday use of stablecoins. Securing payment institution licenses ensures that these products operate on a fully compliant foundation,” said Erald Ghoos, CEO of OKX Europe.
Late last month, OKX partnered with Mastercard to introduce a crypto payment card in Europe. The exchange is keen to enter stablecoin-dominated finance. OKX Ventures, the company’s innovation investment arm, recently backed stablecoin issuance platform STBL.
