OKX has applied for a Digital Investment Service Provider license to join dozens of corporations that have already won approval.
Digitalย currency exchange OKX is targeting France as a regional hub in Europe with intendsย to hire around 100 people there in theย following 3 years, looking to join 74 other corporations that have so far won regulatory approval from the countryโs Financial Markets Authority (AMF).
The Seychelles-based company has filed an appย to become registered as a Digital Investment Service Provider (DASP). It intendsย to setย up a โsubstantialโ physical presence in France, the companyโs head of worldwide Government relations, Tim Byun said.
Itโs not the only cryptocurrency exchange seeking a base in the European Unionโs second- largest economy. France aย yearย ago resurfaced as the destination of choice for Binanceย Cryptoย exchange as a European Union (EU) hub following its DASP registration. The worldโs largest cryptocurrency exchange had hired around 150 people for its Paris office by September, reportsย by founder Changpeng โCZโ Zhao.
โWe would aspire to hire 100 full-time employees within 3 years,โ Byun stated an interview. โI think in the 1st year, we forecast [hiring] about 30 colleagues.โ
Byun stated he expects the registration process to take up to 6 months.
Gaining registration involving checks that corporations comply with money laundering standards and have reputable management. With the EUโs Markets in Cryptocurrency Assets (MiCA) regulation unanimously approved by the 27 member states earlier theseย 30ย days, going forward it should be easier for cryptocurrency corporations who have obtained approval in one country to operate across the whole bloc.
The AMF suggested theย previousย 30ย days that existing registered corporations in France mayย be fast-tracked to MiCA licensing, which includes tougher regulations on governance, consumer-protection and financial-stability.
Sheldon Reback.
