OKX snags European payments license for stablecoin and crypto card expansion
OKX secured a Payment Institution license in Malta to comply with EU regulations for its stablecoin and crypto card services.Summary
Cryptocurrency exchange OKX has successfully obtained a Payment Institution (PI) license in Malta, ensuring compliance with European Union regulations, specifically the Markets in Crypto-Assets (MiCA) regulation and the Second Payment Services Directive (PSD2), which become effective in March. This license is crucial because crypto-asset service providers handling payments involving stablecoins, legally termed electronic money tokens (EMTs), must hold either a PI or electronic money institution (EMI) authorization under the updated PSD2 framework. Erald Ghoos, CEO of OKX Europe, stated that this license ensures their recently launched real-world payment products, such as OKX Pay and the OKX Card, operate on a fully compliant basis. This move supports OKX's expansion of stablecoin use in mainstream finance, following the recent introduction of its crypto payment card in Europe via Mastercard.
(Source：CoinDesk)