Crypto exchange OKX has obtained a Payment Institution (PI) license in Malta, clearing a major regulatory requirement ahead of new EU rules that take effect in March 2026.
The license allows OKX to continue offering stablecoin-related payment services across the EU under both the Markets in Crypto-Assets (MiCA) regulation and the Second Payment Services Directive (PSD2).
This is a separate authorization from the MiCA license OKX received in January 2025. Under the updated PSD2 framework, crypto firms dealing with stablecoin payments must hold either a PI or Electronic Money Institution (EMI) license on top of MiCA.
Without it, products involving stablecoins, now classified as electronic money tokens (EMTs), can’t legally operate.
“We have recently launched real-world payment products, including OKX Pay and our OKX Card, that bring stablecoins into everyday use. Securing a Payment Institution license ensures that these products operate on a fully compliant footing,” said Erald Ghoos, CEO of OKX Europe.
The license directly covers two recently launched products. OKX introduced a crypto payment card in Europe in late January in partnership with Mastercard. The OKX Card supports spending in stablecoins like Circle’s USDC and Paxos-issued Global Dollar (USDG) at over 150 million merchant locations worldwide.
OKX Pay, the exchange’s broader payments tool, also falls under the new authorization.
Ghoos noted that Europe has chosen regulatory clarity over ambiguity when it comes to digital assets, adding that stablecoins can modernize cross-border payments but only if built within strong regulatory guardrails.
With this latest move, OKX now holds three key regulatory authorizations in Europe: its MiCA license (January 2025), a MiFID II-licensed entity for derivatives (March 2025), and now the PI license for stablecoin payments.
All three operate from OKX’s Malta hub and are passported across 28 EEA countries.
OKX Ventures, the firm’s investment arm, also recently backed stablecoin issuance platform STBL.
On the infrastructure side, OKX’s CIO Jason Klau shared at Consensus that the exchange is working with Google and the Ethereum Foundation to build secure infrastructure for AI agents on X Layer and OKX Wallet, with agentic payments expected to drive the next wave of onchain growth.
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