OKX crypto exchange applies for regulatory approval in France

by Charles Thuo May 23, 2023 4 min read

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )

OKX has filed an application in France to become a registered Digital Asset Provider (DASP).
The AMF and ACPR have set rigorous requirements that DASP operating in France must comply with.
OKX in April incorporated OKX France.

A month after OKX incorporated OKX France, the cryptocurrency exchange has today announced that it has applied for regulatory approval in France.

OKX is currently the second-largest cryptocurrency exchange by trading volume and the leading Web3 technology company. Filling to be registered as a Digital Asset Service Provider (DASP) will see the exchange evaluated under the rigorous requirements set out by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

OKX to offer a suite of products and services in France

If granted registration, OKX will offer a suite of services and products to French citizens in compliance with local regulations.

France is known for a sound and transparent regulatory framework positioning the country as the European hub for crypto enthusiasts and experienced traders making it a great market for OKX to leverage.

Commenting on the move, 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.”

OKX has taken measures to grow its international compliance. In March, the crypto exchange announced it was applying for virtual asset service provider licenses in Hong Kong. It’s presently licensed in the Bahamas and has a provisional license from VARA in Dubai. It, however, recently announced ceasing operations in Canada.