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The cryptocurrency exchange OKX has obtained a payment institution (PI) license from the Maltese regulator, allowing it to conduct payments using stablecoins within the European Union.
This license will enable the exchange to provide payment services across the EU, including deposits and withdrawals from accounts, as well as executing transactions necessary for managing these accounts. This encompasses payments made with bank cards, along with transfers between users and payment services.
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Erald Ghoos, the CEO of OKX’s European division, clarified that the license will apply to the OKX Pay and OKX Card products, which enable the exchange’s clients to make payments using the USDC stablecoin from Circle and the USDG (Global Dollar) from Paxos.
“The acquisition of the payment institution license indicates our compliance with legal requirements. Europe has opted for clarity regarding the regulation of digital assets. Stablecoins can significantly enhance money, improve the efficiency of international transactions, and expedite payments when used within strict regulatory frameworks,” stated Erald Ghoos.
In 2024, OKX secured a virtual asset service provider (VASP) license for cryptocurrency trading in Dubai. Last year, the Central Bank of the Netherlands imposed a $2.6 million fine on OKX for operating in the European country without proper registration.
