Cryptocurrency exchange OKX recently announced a significant expansion of its regulatory presence in Europe by securing a Payment Institution (PI) license in Malta, as reported by Cointelegraph. This license allows OKX to offer stablecoin payment services across the European Union (EU) under the regulatory framework established by the bloc’s Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive (PSD2).
With this new authorization, crypto-asset service providers offering payment services involving stablecoins are now required to hold either a PI or Electronic Money Institution (EMI) license. The license awarded to OKX in Malta follows the company’s acquisition of a MiCA license from the Malta Financial Services Authority (MFSA) in January 2025, marking a significant step in its regulatory compliance efforts.
The PI license, which is classified as a Financial Institution license according to MFSA records, enables OKX to provide a comprehensive suite of payment services throughout the EU. This includes functionalities allowing users to deposit and withdraw cash from payment accounts and execute a variety of payment transactions such as direct debits, card payments, and credit transfers. This regulatory backing ensures improved and seamless movement of funds between users and other payment service providers.
Additionally, this license supports the rollout of key products such as OKX Pay and the OKX Card, which enable users to transact using crypto assets and stablecoins efficiently. The OKX Card, which officially launched in late January, allows users to spend stablecoins like Circle’s USDC and the Paxos-issued Global Dollar (USDG).
Erald Ghoos, the CEO of OKX Europe, commented on the significance of securing the Payment Institution license, stating that it ensures compliance for the company’s products. He highlighted Europe’s commitment to regulatory clarity in the realm of digital assets, noting that while stablecoins can significantly modernize financial transactions by enhancing cross-border efficiency and minimizing payment friction, this progress must occur within robust regulatory frameworks.
The announcement comes at a pivotal moment, as eurozone finance ministers convene to discuss strategies to enhance the euro’s international standing and bolster Europe’s economic security through the utilization of euro-denominated stablecoins. This discussion underscores the growing importance of digital assets in shaping the future of finance within the region.
