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Exchange OKX picks France as a regional hub, seeks regulatory approval

Exchange OKX picks France as a regional hub, seeks regulatory approval

Recent market updates reveal that crypto exchange OKX targets France as its European regional hub. Moreover, the trading company plans to employ 100 individuals within three years. That comes as the exchange seeks to join other (74) firms that have already acquired certification from the nation’s AMF (Financial Markets Authority).

The trading company has applied to become a certified DASP (digital asset service provider). Moreover, the firm’s head of global relations, Tim Byun, stated that OKX plans to establish a physical presence in Paris.

Meanwhile, the Seychelles-based exchange isn’t the only platform seeking to establish a physical base in France. In 2022, Binance joined the French digital market following is EU’s DASP authorization. CZ revealed that the leading exchange had employed about 150 individuals to operate its Paris establishment (as of September).

Byun revealed that OKX plans to employ 100 individuals within three years, targeting around 30 colleagues in the initial year. He added that he anticipates the certification procedure to take up to half a year.

The potential approval

Receiving approval involves scrutiny of whether the firm adheres to protocols such as Anti Money Laundering. Moreover, trusted management is essential. Nonetheless, with the EU’s MiCA regulation approved early this month, it might be smooth for cryptocurrency companies with certification from one nation to gain acceptance.

Last month, the AMF announced that existing licensed firms would enjoy MiCA’s first consideration, with the licensing incorporating strict governance rules, financial stability, and consumer protection.

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