In the words of Tim Byun, the head of global relations at OKX, “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.”
Crypto exchange OKX submitted the DASP license application to obtain regulatory approval from French regulators Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR).
In its press release, OKX praised France’s transparent regulatory framework and announced its plans to establish a regional hub in France.
As reported by Bloomberg, OKX intends to hire 100 employees from France in three years, with Tim Byun adding the exchange will add 30 workers in the first year.
The news came a few weeks after OKX revealed that the exchange will pull out of the Canadian market following issues with the CSA's new set of regulatory guidelines.
France has recently cemented its standing as a hotspot for crypto innovations. So far, over 74 crypto platforms, including Binance, Bitpanda, and Bitstamp, have registered with the AMF.
French regulators expect the number of registered crypto platforms will increase when the MiCA bill goes live in a few years, with AMF Secretary General Benoît de Juvigny noting,
“If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome.”
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedIn
