Cryptocurrency exchange OKX has received a payment institution (PI) license in Malta, which is in line with EU regulatory requirements that came into force in March.

The license allows OKX to continue offering stablecoin-related payment services across the EU in full compliance with the MiCA regulation and the Markets in Crypto-assets Directive.PSD2The company said in a press release on Monday.

Under the updated PSD2 framework, crypto-asset service providers engaging in payment activities involving stablecoins, legally classified as Electronic Money Tokens (EMTs), must have PI or Electronic Money Institution (EMI) authorization.

“We have recently launched real-world payment products, including OKX Pay and our OKX Card, which bring stablecoins into everyday use. Obtaining a payment institution license ensures that these products operate on a fully compliant basis,” said OKX Europe CEO Erled Ghose.

Late last month, OKX teamed up with Mastercard to introduce a crypto payment card in Europe. The exchange is excited about stablecoins entering mainstream finance. OKX Ventures, the firm’s innovation investment arm, recently backed stablecoin issuing platform STBL.