Key Highlights
- OKX secured a PI license, letting it offer stablecoin payments across the EU under MiCA and PSD2 rules starting in March.
- Users can pay daily expenses with stablecoins, and the OKX Card converts them to euros anywhere Mastercard works.
- OKX blends DeFi with compliance, letting users trade from personal wallets while meeting strict European consumer protection rules.
Cryptocurrency exchange OKX has secured a Payment Institution (PI) license in Malta. This step lets the exchange offer stablecoin payments that follow European Union rules, including the MiCA framework and the updated PSD2 law, which take effect in March.
The license positions OKX to operate legally across the EU while supporting its recently launched payment products, OKX Pay and OKX Card. The OKX Pay and OKX Card was launched on January 28 in Europe, which the company claims are the first globally compliant DeFi Pay and Card services in the EU.
These services enable users to make deposits in euros, which can then be used to back stablecoins and spend them on everyday transactions or DeFi/RWA applications if permitted by law.
Stablecoins driving everyday crypto use
As announced earlier, OKX is building its payment system around stablecoins, which are digital currencies designed to stay steady in value. These coins make transactions faster and cheaper than traditional bank transfers, and they work across borders at any time of day.
People can use them for everyday things like buying coffee, paying bills, parking, or sharing expenses with friends. With the OKX Card, these stablecoins can be spent anywhere Mastercard is accepted, automatically converting to euros when needed.
These tools integrate conventional banking with DeFi, allowing users to access DeFi while adhering to the law. In the past, using cryptocurrencies for payments was difficult due to volatile prices, complicated apps, and a lack of clear regulations. Currently, improved wallets, simplified regulations, and more stable cryptocurrencies make it simpler for users to actually use cryptocurrencies for payments.
Technical innovation and compliance
In addition to payment services, OKX is also enhancing the way people conduct crypto trades. In November, the company introduced decentralized trading in the US, allowing customers to trade from their own wallets without having to hold the funds on the platform. Trades are automatically matched across more than 100 liquidity pools on Solana, Base, and Ethereum’s layer-2 network, X Layer, which is powered by Polygon technology.
OKX also introduced CeDeFi, a hybrid system that combines traditional and decentralized trading in one platform, making it simpler for users to manage their trades. All of these updates aim to give people more control, transparency, and security. In Europe, OKX ensures its products follow strict rules for compliance and consumer protection, meeting high standards for regulated digital finance.
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