Paris, France, May 23rd, 2023, Chainwire
OKX, the world’s second- largest cryptocurrency exchange by volume of trading and a leading Web 3.0 technology company, today announced it has filed app in France to become a registered Digital Investment Service Provider (DASP) under the rigorous requirements set out by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
OKX’s decision to register with the AMF comes after the company’s incorporation of OKX France in April and demonstrates its dedication to growing its European presence, with France as a whole lot of hub. Registration with the AMF will enable OKX to offer a suite of products and services to customers in France in full compliance with local regulations.
OKX Head of Worldwide Government Relations Tim Byun said, “The French DASP regulation provides a clear and secure regulatory framework for digital investment service providers. 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. For OKX, this app is a huge opportunity to demonstrate our commitment to facilitate new regulatory frameworks likewise as to strategy for the future with MiCA coming onboard in 2024 for the entire European Union.”
Beyond the sound and transparent regulatory framework it offers, France has positioned itself as the European hub for OKX owing to its high concentration of cryptocurrency enthusiasts and experienced traders and the highly qualified workforce available, necessary to OKX’s development.
Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial and Digital Sovereignty, responsible for Digital Transition and Telecommunications stated. “We are delighted that OKX selects France for expanding its operations in Europe. This decision confirms France’s aspirations to become a key player in Web 3.0 technologies, a vision that has been championed by President Macron and Minister Bruno Le Maire since 2017. French authorities’ deep expertise and experience in the crypto- investment sector enable OKX to take advantage of a consistent and robust approach, throughout its licensing process and beyond. OKX’s decision is a testament to the success of the French government’s policies aimed at nurturing a resilient and secure innovative crypto- investment sector. We are more convinced than ever that France has all the necessary elements to become a worldwide leader in Web 3 innovation and digital economy.”
Compliance, regulation and transparency are critical factors for the success of the cryptocurrency and blockchain tech industry. Over the years, OKX has taken measures to secure compliance, including growing its international compliance team, likewise as actively fighting fraud and ransomware. In terms of transparency, OKX is continuously enhancing the approach to exceed market standards and accomplish real-time, trustless verification of reserves, liabilities and solvency.
In March, OKX announced that it would apply for virtual investment service provider licences in Hong Kong. It’s as of now licensed 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 regulatory authorities, and we consider our operations in France to be critical in this endeavour. We are excited to sustain our collaboration with the AMF as we extend the use of our product portfolio in France, presenting individuals and enterprises with a secure and efficient approach to exchanging value. As a Web 3.0 leading company, we are looking forward to introducing French people to all the amazing projects we are working on.”
OKX is a world-leading technology company building future of the Web 3.0. Known as one of the fastest and most reliable cryptocurrency platforms of trading for investors and professional traders everywhere, OKX’s cryptocurrency exchange is the Second largest universally by volume of trading and is trusted by greater than 50 Million users.
OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our application or visit: okx.com
THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.