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OKX has been granted a Malta license under PSD2 and MiCA rules to offer stablecoin payments across the EU.
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The approval supports OKX Pay, its Mastercard-backed cryptocard for real-world stablecoin expenditure.
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The card offers up to 20% in promotional rewards and converts stablecoins during checkout.
The cryptocurrency exchange OKX has received a Payment Institution (PI) license from Malta. This allows it to offer stablecoin payments across the European Union, in accordance with new regulatory regulations that come into effect in March.
The license ensures compliance to the Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive. PSD2 requires that crypto service providers who handle payment activities using stablecoins (also known as electronic money tokens) must have a payment institution authorization or an electronic money institution license.
OKX said that the approval allows for its stablecoin products to be operated in a fully-regulated framework within the European Economic Area.
Stablecoins and crypto cards are on the rise in Europe
The license is a key component in OKX’s expansion to real-world crypto payment. The exchange launched OKX Pay recently and introduced the OKX Card to Europe in partnership Mastercard.
The crypto payment card lets users spend stablecoins at Mastercard merchants. Assets are kept in self-custody up until checkout, and then converted automatically at the point payment with a 0.4% spread.
The card offers up to 20% in cryptocurrency as promotional rewards for eligible purchases.
The card is operated by a licensed European payment partner that follows anti-money-laundering and know-your customer standards. The new Malta license also strengthens the compliance framework supporting these services.
Related to South Korea’s new rules could cut traders off from Binance and OKX crypto apps
Investment in stablecoin infrastructure
OKX’s venture division made a recent strategic investment in STBL, a stablecoin infrastructure provider. STBL is developing a real-world-asset-backed stablecoin on X Layer, OKX’s EVM-compatible layer-2 blockchain.
Hamilton Lane, a private markets investment company, and Securitize, a digital securities platform are involved in the project. The framework includes tokenized access to Hamilton Lane Senior Credit Opportunities Fund via a feeder fund.
The initiative focuses primarily on building scalable infrastructure for stablecoins and supporting blockchain-based products that are tied to traditional assets.
OKX’s licensing efforts are part of a wider compliance strategy in Europe, according to the company. The exchange has increased its investment in regulated infrastructure, including tokenized asset and payment products for everyday use.
The company stated that the goal was to connect traditional financial networks with blockchain-based settlements and liquidity networks.
RelatedUniswap is now available on OKX’s Layer X with zero interface fees
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