OKX, the second largest crypto exchange, has made a significant move by applying to become a registered Digital Asset Service Provider (DASP) in France, according to a press release.
The exchange aims to meet the stringent requirements set forth by the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
This decision comes after the exchange integrated “OKX France” into its company structure in April, signaling its intention to expand its presence in Europe, with France serving as a major operational hub.
By registering with the AMF, the exchange can offer its users a range of products and services in France while fully complying with local regulations.
OKX’s Commitment To Compliance & Transparency
Tim Byun, Head of Global Government Relations at OKX, emphasized the importance of France’s DASP regulation, stating that it provides a clear and secure regulatory framework for digital asset service providers.
Byun added that by becoming a registered DASP, the exchange aims to grow within the French ecosystem safely and securely. This move also aligns with its plans to incorporate the Markets in Crypto-Assets Regulation (MiCA) in the European Union by 2024.
In addition to the robust regulatory framework, the exchange chose France as its European hub due to the country’s concentration of crypto enthusiasts, experienced traders, and highly skilled workforce, all of which are crucial for its development.
Jean-Noël Barrot, Minister Delegate of the Ministry of Economy, Finance, and Industrial and Digital Sovereignty, also expressed delight at OKX’s decision, affirming France’s aspiration to become a key player in Web3 technologies.
Barrot praised the success of the French government’s policies in fostering a resilient, secure, and innovative crypto asset sector, highlighting the country’s deep knowledge and experience in the industry.
OKX has consistently prioritized compliance, regulations, and transparency. The exchange has expanded its international compliance team, actively combated fraud, and ransomware, and consistently exceeded market standards for transparency.
Per the press release, it is currently licensed in the Bahamas and has obtained a provisional license from Dubai’s Virtual Asset Regulatory Authority. Moreover, OKX has also applied for virtual asset provider licenses in Hong Kong.
Hong Fang, Chairman of OKX, emphasized the company’s dedication to collaborating with European regulators and highlighted the significance of its operations in France. Fang expressed excitement about introducing French users to the projects OKX is working on, offering individuals and businesses an efficient means of value exchange.
Nevertheless, with its commitment to regulatory compliance and transparent practices, OKX continues positioning itself as a leading Web3 company, striving to expand its reach and partnerships with regulators worldwide.
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