OKX has the latest cryptocurrency exchange to apply for a French digital asset service provider (DASP) license, aiming to make the country its regional hub.
OKX’s New European Hub
The application came after OKX, the second-largest cryptocurrency exchange in terms of trade volume, established a local French subsidiary, OKX France, in April. Registration with the Autorité des Marchés Financiers (AMF) will make the exchange compliant with European laws and allow it to offer a suite of products and services to customers in France.
“The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers,” said Tim Byun, the Head of Global Government Relations at OKX.
Additionally, Byun pointed out that several other crypto exchanges are registered in France. Indeed, OKX rival Binance and 73 other companies have received DASP licenses from the French regulator, according to the official regulatory registry.
Meanwhile, the European Union Parliament lawmakers approved the Markets in Crypto-Assets (MiCA) regulation last month, which is now expected to become effective in July 2024. Though some sections of the law are criticized, It will bring the European cryptocurrency market under the regulatory umbrella.
“For OKX, this application is a huge opportunity to demonstrate our commitment to support new regulatory frameworks as well as to plan for the future with MiCA coming onboard in 2024 for the entire European Union,” Byun added.
The French expansion of OKX will see the hiring of around 100 people in the next three years, Coindesk reported.
Global Expansion Continues
Apart from France, the Seychelles-headquartered OKS is establishing its presence in other parts of the globe. The exchange, which already holds a Bahamas authorization and a provisional license in Dubai, will also apply for a digital asset license in Hong Kong. It has already opened an office in the Chinese self-administrative region.
“Our dedication lies in broadening our reach and involvement with European regulators, and we consider our operations in France to be crucial in this endeavour,” said Hong Fang, the President at OKX. “As a Web3 leading company, we are looking forward to introducing French people to all the amazing projects we are working on.”
This article was written by Arnab Shome at www.financemagnates.com.
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