- OKX has applied for regulatory approval in France.
- The exchange intends to set up a European hub in Paris.
- With a push towards cryptocurrency, France is attracting worldwide cryptocurrency firms.
Amid Europe’s rapidly shifting regulatory landscape, cryptocurrency exchanges are positioning themselves on the continent. 1 of them, OKX, is establishing a presence in crypto-friendly Paris.
The Seychelles-based cryptocurrency exchange has applied for regulatory approval in France to set up its European base in the City of Lights. This move comes amid an increasingly pro- cryptocurrency environment fostered by the French government.
OKX to Set Up Paris Base
On Tuesday, May 23, OKX announced it had applied in France to become a registered Digital Investment Service Provider (DASP). The registration with Autorité des Marchés Financiers (AMF) comes after its subsidiary, OKX France, was incorporated in April this year.
As part of its European expansion, OKX at the beginning intends to hire around 10 people in France. The company indicated that its goal is to hire 100 employees there within the following 3 years.
The company indicated that the growth in France showcases OKX’s commitment to growing its European presence. In particular, the registration will enable the exchange to offer its services throughout Europe.
“The French DASP regulation provides a clear and secure regulatory framework for digital investment service providers,” OKX Head of Worldwide Government Relations Tim Byun stated. “Coupled with the growing number of registered DASPs in France, OKX looks forward to growing the French ecological system in a safe and sound manner,” he added.
Embracing the cryptocurrency space, France is fast becoming an attractive hub for cryptocurrency corporations around the world. In particular, President Emmanuel Macron’s policies have been encouraging the expansion of this sector, luring in Crypto.com, and now OKX.
Preparing for the MiCA Regulation
Cryptocurrency enterprises looking to operate within the European Union are preparing for the new regulation known as MiCA (Markets in Crypto-Assets Regulation). This regulation requires all cryptocurrency enterprises operating within the EU to register with one of its member states.
OKX’s move to secure its footing in France signifies a proactive approach to adhere to this impending regulation. As the world’s fourth- largest digital- investment exchange by volume of trading, OKX’s Europe ambition is significant.
The other side
- Along with OKX, other cryptocurrency exchanges, including Crpyto.com chose Paris as their headquarters in Europe.
- OKX is not the only cryptocurrency exchange looking to preserve its presence in Europe. In April, Kraken filed for regulatory approval in Ireland.
Why This Matters
OKX’s move to Paris signifies the growing influence of Europe, and France in particular, on the worldwide cryptocurrency landscape. Similarly, it reflects how cryptocurrency exchanges are proactively navigating regulatory changes to secure their operations within the EU.
Read about Europe’s new cryptocurrency regulatory push:
Why the EU’s MiCA Approval and Cryptocurrency Tax Changes Matter
Read about the latest comments on cryptocurrency regulation in the US:
CFTC Chair: Anonymity Won’t Protect Decentralized Finance from Regulators