Cryptocurrency exchange OKX has broadened its regulatory presence in Europe by acquiring a license for stablecoin payments.
OKX secured a Payment Institution (PI) license in Malta, enabling the exchange to align its payment offerings with the European Union’s regulations. This authorization falls under the EU’s framework concerning payment services and adheres to the requirements set forth by the Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive (PSD2).
Providers of crypto asset services (CASPs) that wish to offer payment functionalities involving stablecoins must possess either a PI or Electronic Money Institution (EMI) authorization. OKX’s recent PI license was granted just over a year after it received a MiCA license from the Malta Financial Services Authority (MFSA) in January 2025.
OKX’s Malta PI License Empowers EU Payment Capabilities
According to MFSA records, OKX’s PI license was issued on February 11 and is recognized as a Financial Institution license.
This license enables the exchange to offer a comprehensive array of payment services throughout the EU, facilitating the deposit and withdrawal of funds from payment accounts and handling all operations necessary to maintain those accounts.
Furthermore, it encompasses the execution of various payment transactions such as direct debits, card payments, and credit transfers, thereby ensuring smooth transactions between users and other payment service firms.
License Facilitates OKX Pay and OKX Card Implementation
With this license in place, OKX can launch products including OKX Pay and the OKX Card, designed for users to spend both crypto assets and stablecoins.
Launched officially in late January, OKX Card supports transactions in stablecoins such as Circle’s USDC and the Paxos-issued Global Dollar.
“Securing a Payment Institution license ensures that these products operate on a fully compliant footing,” stated Erald Ghoos, CEO of OKX Europe, who added:
“Europe has chosen clarity over ambiguity when it comes to digital asset regulation […] Stablecoins can meaningfully modernize money, improving cross-border efficiency and reducing friction in payments, but only if built within strong regulatory guardrails.”
This development arrives as eurozone finance ministers prepare to meet to discuss strategies to enhance the euro’s global prominence and strengthen Europe’s economic security through euro-denominated stablecoins.
