Crypto exchange OKX has obtained a payment institution (PI) licence in Malta as it prepares for incoming European Union rules on stablecoin payments due to take effect in March.
In a blog post, OKX founder and CEO Star Xu said: “This authorisation enables us to provide stablecoin-based payment services within Europe’s established financial framework and continue expanding crypto payments for daily life under clear legal guardrails.”
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
“For people, that means clearer safeguards, defined oversight, and apps like OKX that meet established requirements before offering payment functionality,” the post noted.
The new PI licence is separate from the Markets in Crypto-Assets (MiCA) authorisation that OKX received in January 2025.
Under the revised Payment Services Directive (PSD2) framework, crypto businesses offering stablecoin payment services are required to hold either a PI or Electronic Money Institution (EMI) licence in addition to MiCA registration.
Without such authorisation, products using stablecoins cannot operate legally in the EU.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company’s services include OKX Pay, which is designed for instant stablecoin transfers within its app, and OKX Card, which links digital assets to day-to-day expenditure.
The card can be used through Apple Pay and Google Pay for contactless payments via mobile devices.
With the PI licence in place, OKX’s products will fall under a regulated payments regime.
Commenting on the regulatory approval, Xu added: “It means stablecoin payments can scale responsibly. It introduces stronger governance, defined consumer protections, and operational oversight. And it allows us to bring a new type of financial service to people in Europe – one that is faster, more transparent, and often more cost-efficient than legacy cross-border systems.”
