OKX may open exchange in France after license application

In a recent move, OKEx, the world’s second-largest cryptocurrency exchange by trading volume, applied for a DASP license in France.

OKX would fully comply with the French regulatory framework once it obtains the DASP license and registers with the Autorité des Marchés Financiers (AMF). OKX will be able to provide its portfolio of services to local consumers if it obtains the license.

OKX’s head of global government relations, Tim Byun, recently discussed the advantages of the French DASP law, which creates a transparent and safe regulatory environment for DASPs.

Byun said numerous other cryptocurrency exchanges had secured DASP licenses from the French government, including Binance, a competitor.

The action is timed to coincide with the July 2024 implementation of the European Union’s Markets in Crypto-Assets (MiCA) law. While the law has been criticized in parts, it is still a significant step forward in putting the European cryptocurrency sector under a uniform set of rules.

Byun emphasized the significance of OKX’s license application, saying that it shows the company’s dedication to new regulatory frameworks and readiness for the eventual rollout of MiCA throughout the European Union.

OKX wants to recruit about 100 workers over the next three years as part of its growth in the French market. The company’s choice to increase its human resource budget indicates its willingness to spend money into the local economy.

OKX President Hong Fang has spoken positively about the company’s upcoming expansion into France, stressing the importance of OKX’s continued cooperation with European authorities.