OKX has secured a Payment Institution license in Malta, strengthening its regulatory presence in Europe and paving the way for EU-compliant stablecoin payment services such as OKX Pay and the OKX Card.
The cryptocurrency exchange said Monday that the license was granted under the European Union’s payments framework and aligns its payment products with requirements under the Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive (PSD2). Under EU rules, crypto firms offering stablecoin-based payments must hold either a Payment Institution or Electronic Money Institution authorization.
Issued on Feb. 11 by the Malta Financial Services Authority, the license allows OKX to provide a broad range of payment services across the European Union. These include handling deposits and withdrawals from payment accounts, executing transfers, processing card payments and supporting direct debits and standing orders.
OKX said the authorization will support the rollout of products such as OKX Pay and the OKX Card, which let users spend crypto assets and stablecoins in everyday transactions. The OKX Card, launched in late January, supports payments in stablecoins including USDC and Global Dollar.
Company executives said the license ensures the new services operate within Europe’s evolving regulatory framework, which is increasingly focused on compliant digital-asset payments. The move comes as eurozone finance ministers prepare to discuss ways to strengthen the euro’s global role, including the potential use of euro-denominated stablecoins.
Featured image from: cointelegraph.com