Cryptocurrency exchange OKX has been granted a payment institution (IP) license in Malta, in line with European Union regulatory requirements which will come into force in March.
The license allows OKX to continue offering stablecoin-related payment services across the EU, in full compliance with the Markets in Crypto-Assets (MiCA) Regulation and the Second Payment Services Directive (PSD2), the company said in a press release on Monday.
Under the updated PSD2 framework, crypto-asset service providers engaged in payment activities involving stablecoins, legally classified as electronic money tokens (EMT), must hold an IP or electronic money institution (EMI) authorization.
“We recently launched real-world payment products, including OKX Pay and our OKX Card, which enable everyday use of stablecoins. Obtaining a payment institution license ensures that these products operate on a fully compliant basis,” said Erald Ghoos, CEO of OKX Europe.
Late last month, OKX introduced a crypto payment card in Europe in association with Mastercard. The stock market is excited about the entry of stablecoins into traditional finance. OKX Ventures, the company’s innovation investment arm, recently backed stablecoin issuance platform STBL.
