[DigitalToday reporter Chi-gyu Hwang] OKX has secured a licence to target the European payments market. OKX obtained a payment institution (PI) licence in Malta, allowing it to provide stablecoin payment services that comply with European Union (EU) regulations, CoinDesk reported on Feb. 16 local time.
With the licence, OKX will expand its scope from the crypto market into payments. Under the EU’s new Markets in Crypto-Assets regulation (MiCA) and the second Payment Services Directive (PSD2), stablecoins are classified as electronic money tokens (EMTs), and providing payment services requires approval as a PI or an electronic money institution (EMI). The authorisation will allow OKX to legally operate stablecoin payments in Europe.
OKX Europe CEO Erald Ghoos said, "We are expanding stablecoins into everyday payments by launching in-person payment products like OKX Pay and the OKX Card." He added, "Securing this payment institution licence ensures full regulatory compliance."
Chi-gyu Hwang
delight@d-today.co.kr