One of the top-notch cryptocurrency exchanges OKX has applied for regulatory approval in France after incorporating OKX France a month ago.
OKX has applied to be registered as a Digital Asset Service Provider (DASP) in France. The evaluation process will be conducted according to the strict requirements of the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
OKX aims to establish France as a regional hub in Europe. Over the next three years, they plan to hire approximately 100 employees. They seek to join the 74 companies that have already obtained regulatory approval from France’s Financial Markets Authority (AMF).
France has become an attractive destination for crypto exchanges, with Binance establishing its European Union hub there after DASP registration. Binance had hired approximately 150 employees for its Paris office by September, as reported by founder Changpeng “CZ” Zhao.
OKX CEO expects a 6-month registration process to verify money laundering compliance and reputable management. EU’s MiCA regulation approval simplifies cross-border operations for crypto firms with one-country approval.
The AMF proposed fast-tracking existing registered firms in France to obtain MiCA licensing, which entails stricter regulations on governance, consumer protection, and financial stability.
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