Cryptocurrency exchange OKX has obtained a payment institution (PI) license in Malta, allowing it to offer stablecoin payment services across the European Union in line with new regulatory rules that take effect in March.
The compliance with the Markets in Crypto-Assets (MiCA) regulation and the Second Payment Services Directive (). Under PSD2, crypto service providers that handle payment activities involving stablecoins, classified as electronic money tokens, must hold a payment institution or electronic money institution authorization.
OKX said the approval allows its stablecoin payment products to operate under a fully regulated framework in the European Economic Area.
The license supports OKX’s expansion into real-world crypto payments. The exchange recently launched OKX Pay and introduced the OKX Card in Europe in partnership with Mastercard.
The crypto payment card allows users to spend stablecoins directly at Mastercard merchants. Assets remain in self-custody until checkout and convert automatically at the point of payment with a 0.4% market spread.
The card supports Apple Pay and Google Pay and offers promotional rewards of up to 20% in crypto for eligible purchases.
The card operates through a licensed European payments partner and follows anti-money laundering and know-your-customer standards. Meanwhile, the new Malta license strengthens the compliance structure supporting these services.
OKX’s venture arm recently made a in stablecoin infrastructure provider STBL. STBL is developing a real-world-asset-backed stablecoin on X Layer, OKX’s EVM-compatible layer-2 blockchain.
The project involves private markets investment firm Hamilton Lane and digital securities platform Securitize. The framework includes tokenized exposure to Hamilton Lane’s Senior Credit Opportunities Fund through a feeder fund structure.
The initiative focuses on building scalable stablecoin infrastructure and supporting blockchain-based financial products tied to traditional assets.
OKX said its licensing efforts form part of a broader compliance strategy in Europe. The exchange has increased investment in regulated financial infrastructure, including tokenized assets and payment products designed for everyday use.
The company said the goal is to connect traditional financial systems with blockchain-based settlement and liquidity networks.
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