Crypto exchange OKX has announced its application in France for Digital Asset Service Provider (DASP) under the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The move follows the incorporation of the French business arm of OKX in April. The new license will allow the crypto exchange to offer a products and services to customers in France in full compliance with local regulations.
OKX Head of Global Government Relations Tim Byun said:
The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers. Coupled with the growing number of registered DASPs in France, OKX looks forward to growing the French ecosystem in a safe and sound manner. 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.
According to the official announcement, France has turned into a European hub for OKX because of its transparent regulatory framework, as well as its high concentration of crypto enthusiasts and experienced traders, and the qualified workforce available.
Over the years, OKX has grown its international compliance team and has worked on further developing its approach in order to achieve better compliance and transparency in its activities. In March, the crypto exchange revealed it plans to apply for virtual asset service provider licences in Hong Kong. OKX currently holds licenses in the Bahamas and has a provisional licence from VARA in Dubai.
Hong Fang, OKX President said:
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. We are excited to maintain our collaboration with the AMF as we extend the use of our product portfolio in France, presenting individuals and businesses with a secure and efficient approach to exchanging value.
