OKX has secured a Payment Institution (PI) license in Malta, moving ahead of the March deadline for the EU's Markets in Crypto-Assets Regulation (MiCA). The license permits OKX to offer stablecoin-based payment services across the European Economic Area (EEA), in full compliance with both MiCA and the Second Payment Services Directive (PSD2).
Stablecoin Payments Require PI or EMI Authorization
Under the updated PSD2 framework, crypto-asset service providers handling stablecoins—legally classified as e-money tokens (EMTs)—must hold PI or Electronic Money Institution (EMI) authorization. OKX's new PI license ensures its payment products operate within regulatory boundaries.
OKX Pay & OKX Card: Stablecoins for Everyday Spending
Erald Ghoos, CEO of OKX Europe, stated: "We recently launched practical payment products, including OKX Pay and OKX Card, bringing stablecoins into daily life. Acquiring the PI license ensures these products operate fully compliantly." OKX Card, issued in partnership with Mastercard, allows users to spend stablecoins from self-custodial wallets at over 150 million merchant locations worldwide. The card supports Apple Pay and Google Pay tap-to-pay, converts stablecoins at the point of sale with no upfront fees (only a 0.4% spread), and offers up to 20% crypto cashback.
MiCA License + PI License: A Double Compliance Play
This is OKX's second critical license in Europe. Earlier, OKX obtained MiCA authorization through the Malta Financial Services Authority (MFSA), covering nine out of ten services—including custody, execution, exchange, transfer, and settlement—passportable across all 30 EEA member states. The new PI license fills the payment gap, giving OKX end-to-end regulatory coverage from trading to spending. Additionally, OKX Ventures, the exchange's venture arm, recently invested in stablecoin issuance platform STBL to further strengthen its stablecoin infrastructure.