Crypto Exchange OKX Applies for Regulatory Approval in France
May 23, 2023 - The second-largest crypto exchange by volume, OKX, has announced it has filed application in France to become a registered Digital Asset 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 follows the company's incorporation of OKX France in April and demonstrates its dedication to growing its European presence, with France as a significant 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 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."
Beyond the sound and transparent regulatory framework it offers, France has positioned itself as the European hub for OKX due to its high concentration of crypto 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, in charge of Digital Transition and Telecommunications said, "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 Web3 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-asset sector enable OKX to benefit from 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-asset 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 crypto and blockchain industry. Over the years, OKX has taken measures to ensure compliance, including growing its international compliance team, as well as actively fighting fraud and ransomware. In terms of transparency, OKX is continuously enhancing the approach to exceed market standards and achieve real-time, trustless verification of reserves, liabilities and solvency.
In March, OKX announced that it would apply for virtual asset service provider licences in Hong Kong. It's currently 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 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. As a Web3 leading company, we are looking forward to introducing French people to all the amazing projects we are working on."
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