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Crypto Exchange OKX Seeks Regulatory Approval in France

Seychelles-based cryptocurrency exchange OKX is currently seeking to set up a base in France. To this end, it has applied to obtain a license as a Digital Asset Service Provider (DASP) in the country. Therefore, if the Financial Markets Authority (AMF) approves, then OKX may legally carry out its digital assets business in the European Union’s second-largest economy.

According to Tim Byun, the company’s head of global government relations, OKX intends to establish a significant presence in France. However, Byun believes that the approval process will take up to six months or thereabout. In this period, the AMF will verify whether or not OKX has reputable management. The regulator will also seek to find out if the exchange operates within stipulated money laundering standards.

So, in anticipation of bagging the DASP license, OKX has revealed how it intends to strengthen its foothold in France. A major part of its plans, it says, includes employing at least 100 workers over the next three years.

Interestingly, the development bears a similar look to how France also became a point of interest to the world’s largest exchange Binance last year. Having gotten its own DASP license, founder Chanpeng Zhao confirmed that Binance had hired about 150 workers for its Paris office by September 2022.

It should be noted that OKX’s recent move could not have come at a better time. Its DASP registration comes after the 27 EU member countries unanimously agreed on the Markets in Crypto Assets (MiCA) regulation. That was in early January.

So it is expected that, generally, crypto firms who have obtained approval in one country would find it easier to operate across the entire EU region.

More so, the AMF itself suggested in April that firms registered under its authority could be fast-tracked to MiCA licensing. This means tougher rules on governance, consumer protection, and financial stability. However, for various firms that have also ensured to be in good standing, it could also mean ease of expansion.

Crypto Exchange OKX Seeks Regulatory Approval in France

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