OKX Seeks Regulatory Authorization from AMF of France

Summary:
Cryptocurrency exchange OKX intends to join the growing list of authorized enterprises in France by obtaining regulatory approval from the country’s Financial Markets Authority (AMF). As part of its expansion plans, OKX aims to hire over 100 professionals in France, aiming for a substantial presence in the market. Read full article below.

OKX, a cryptocurrency exchange, plans to join the other 74 enterprises that have received regulatory authorization from France’s Financial Markets Authority (AMF) over the next three years, and as part of this process, it plans to hire over 100 people in France.

The firm in the Seychelles has submitted an application to become a DASP (Digital Asset Service Provider). Director of global government relations Tim Byun said the company has plans to have a “substantial” presence in France.

Crypto Firms Eyeing EU Expansion

It’s not the first crypto exchange looking at the EU’s second largest economy as a possible base of operations. Binance chose France as its EU center last year, and it registered with the DASP to do so.

CEO and founder Changpeng “CZ” Zhao claims that by the end of September, over 150 people had been hired to work out of the company’s Paris headquarters. Byun said in an interview that the company’s long-term goal is to employ 100 people full-time.

Byun estimates that six months might pass while documentation is being filed. Businesses who want to join the Trade Register must provide evidence that their management is credible and that they follow the rules on the prevention of money laundering.

Earlier this month, all 27 member states of the European Union (EU) ratified the Markets in Crypto Assets (MiCA) regulation, making it easier for crypto enterprises to acquire approval in a single country before expanding their activities across the EU.

Earlier this month, the AMF suggested tougher restrictions on corporate governance, consumer protection, and financial stability for MiCA-licensed businesses, which might expedite the licensing process for companies already established in France.