- OKX has applied to become a registered Digital Asset Service Provider (DASP) in France.
- The French DASP regulation provides a clear and secure regulatory framework.
- OKX intends to play a role among the growing number of registered DASPs in France.
OKX, the world’s second-largest cryptocurrency exchange by volume, has reportedly applied to become a registered Digital Asset Service Provider (DASP) in France. OKX filed under the requirements outlined by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Last April, the cryptocurrency exchange incorporated OKX France as part of plans to expand its European presence. Registering with the AMF will allow OKX to offer several products and services to customers in France without falling short of local regulations.
According to Tim Byun, OKX Head of Global Government Relations, The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers. Byun notes that OKX intends to play a role among the growing number of registered DASPs in France by growing the French ecosystem safely and soundly.
For OKX, this application is a huge opportunity to demonstrate our commitment to support new regulatory frameworks and plan for the future with MiCA coming onboard in 2024 for the entire European Union.
OKX intends to make France a significant hub for its digital asset services. The exchange acknowledged France’s sound and transparent regulatory framework and its high concentration of crypto enthusiasts crucial for its development. It also noted the high rate of experienced traders and the highly qualified workforce in France as factors that would enhance its growth.
Representing the French government, Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial, and Digital Sovereignty, in charge of Digital Transition and Telecommunications, expressed delight over OKX’s decision to expand to France. According to Barrot, the decision confirms France’s aspirations to become a key player in Web3 technologies.
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 is licensed in the Bahamas and has a provisional license from VARA in Dubai. In March, the crypto exchange announced plans to apply for virtual asset service provider licenses in Hong Kong.