OKX secures a payment institution license in Malta, aligning with the EU’s MiCA rules

Crypto asset (cryptocurrency) exchange OKX has strengthened its business footing to align with the European Union (EU) regulatory framework by obtaining a payment institution (PI) license in Malta.

According to CoinDesk on the 16th (local time), OKX said it received approval for a payment institution license from Malta’s financial regulator. This will allow OKX to continue providing stablecoin-related payment services across the EU in a manner compliant with the Markets in Crypto-Assets (MiCA) regulation and the revised Payment Services Directive (PSD2), which will take full effect from March.

Under the revised PSD2 framework, stablecoins are classified as “e-money tokens (EMTs),” and crypto-asset service providers offering payment services using them must hold authorization as a payment institution (PI) or an electronic money institution (EMI). The license acquisition is seen as a step by OKX to operate stablecoin-based real-world payment services within the regulated system.

Erald Ghoos, CEO of OKX Europe, said, “We have recently launched in-store payment products such as OKX Pay and the OKX Card to expand the everyday use of stablecoins,” adding, “Securing a payment institution license ensures these services can be operated on a fully compliant basis.”

Previously, OKX partnered with Mastercard last month to launch a crypto payment card in Europe. In addition, OKX Ventures, the company’s investment arm, has recently invested in STBL, a stablecoin issuance platform, and is also moving aggressively to expand the stablecoin ecosystem.