In a significant move for the cryptocurrency industry, the exchange OKX has secured a Payment Institution (PI) license in Malta, enabling it to provide stablecoin payment services throughout the European Union. This development aligns with the EU’s regulatory framework, ensuring that OKX’s services comply with the Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive (PSD2).
The licensing, granted by the Malta Financial Services Authority (MFSA) on February 11, marks a continuation of OKX’s expanding regulatory efforts in Europe. More than a year ago, OKX obtained its MiCA license, contributing to its growing presence and compliance within the European market. The new PI license is prominently featured on OKX’s website as part of its Financial Institution authorization, confirming the company’s legal standing in the region.
With the authorization in place, OKX is now positioned to offer an extensive range of payment services across the EU. Customers will be able to open and maintain payment accounts, deposit and withdraw cash, and execute various transactions such as direct debits, card payments, credit transfers, and standing orders. This allows for seamless fund transfers to other licensed payment service providers, making stablecoins a convenient option for everyday financial activities.
The newly acquired license also supports the launch of two key offerings: OKX Pay and the OKX Card. The OKX Card, which debuted in late January, enables verified users in the EU to utilize both crypto assets and stablecoins at millions of retailers globally. Currently compatible with major stablecoins such as Circle’s USDC and Paxos’ Global Dollar (USDG), the card provides an effortless way for users to spend their digital assets.
Erald Ghoos, CEO of OKX Europe, emphasized the importance of the license, stating, “Getting a Payment Institution license ensures that these products operate within a fully compliant framework.” He further noted that Europe has opted for clarity in regulating digital assets, contrasting with less defined regulatory landscapes elsewhere.
The timing of this announcement coincides with discussions among eurozone finance ministers about enhancing the global significance of the euro, particularly through euro-denominated stablecoins to bolster economic security and cross-border transactions. Industry insiders believe that OKX is strategically positioned to leverage the growing demand for regulated stablecoin offerings among both institutions and individuals in Europe, thanks to the clear standards set forth under MiCA.
Having acquired the PI license allows OKX to extend its payment services to all EU member states, potentially increasing the adoption of its stablecoin-enabled products among both crypto enthusiasts and the general public. The exchange’s proactive approach to aligning with robust regulatory frameworks while promoting wider access to stablecoins signals its commitment to shaping the future of digital finance in Europe.
