OKX, the leading cryptocurrency spot and derivatives exchange has applied to register as a Digital Asset Service Provider (DASP) in France with the intention to establish its European digital hub in Paris. As per the statement of Tim Byun, the company’s Head of Global Government Relations, OKX has planned to develop a “substantial” physical presence in France.
According to the latest updates on the matter, OKX would become the first overseas crypto exchange to set the European Union’s second-largest economy as its European base. One of the other crypto exchanges that sought for choosing France was Binance; after securing regulatory approval, and becoming a registered DASP in France, Binance hired almost 150 people for its Paris branch.
OKX filed the application under the Autorite des Marches Financiers (AMF) following its incorporation of OKX France in April; the move reflects the company’s interest in flourishing its presence in Europe, especially in France. Upon the approval of the application, OKX would be permitted to offer services and products to its customers in France.
Byun shared his views on the secure regulatory framework of the French DASP regulation, adding that:
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.
The report stated that the company would hire around 10 officials to its office in Paris, within the next six months. Over the next three years, OKX Paris would evolve as a flourished platform with more than 100 employees, as stated by the people familiar with the matter.
Jean-Noel Barrot, the Minister Delegate to the Ministry of Economy, Finance and Industrial, and Digital Sovereignty, who is in charge of Digital Transition and Telecommunications, shared his delight in OKX expanding its services in Europe. He stated:
This decision confirms France’s aspirations to become a key player in Web3 technologies, a vision that has been championed by President Macron and Minster Bruno Le Maire since 2017…OKX’s decision is a testament to the success of the French government’s policies aimed at nurturing a resilient and secure innovative crypto-asset sector.
OKX’s President Hong Fang commented that the firm’s decision to set its operations in France would be “crucial” in its way to establishing its European crypto hub. As per the words of Barrot, OKX’s move is demonstrative of France’s potential to become a worldwide leader in “Web3 innovation and digital economy”.
