OKX has applied to become a registered Digital Asset Service Provider (DASP) in France. The company revealed this in a press release on May 23, 2023.
The crypto exchange’s application for registration is driven by a commitment to comply with the stringent regulations set by the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France.
This move comes after the establishment of OKX France in April 2023. Registering with the AMF will enable OKX France to offer a comprehensive range of products and services to its customers in France while ensuring compliance with local regulatory requirements.
According to OKX’s Head of Global Government Relations, Tim Byun, this action is significant for OKX as it showcases their dedication to endorsing new regulatory frameworks and preparing for the future, especially with the forthcoming implementation of MiCA across the entire European Union in 2024.
Byun stated:
“The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers.”
Byun also highlighted that with the increasing number of registered DASPs in France, OKX is enthusiastic about fostering the growth of the French ecosystem while ensuring safety and stability.
Hong Fang, President of OKX, reiterated the company’s dedication to expanding its presence and engaging with European regulators. Fang considered OKX’s operations in France as a pivotal step towards achieving this goal.
Fang stated:
“As a Web3 leading company, we are looking forward to introducing French people to all the amazing projects we are working on.”
Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance, and Industrial and Digital Sovereignty, commended OKX’s decision to expand its operations in France. Barrot viewed this move as a testament to France’s commitment to becoming a leading force in Web3 technologies, a vision advocated by President Macron and Minister Bruno Le Maire since 2017.
OKX’s recent activities in France are part of OKX’s ongoing expansion in Europe. Earlier this month, OKX also announced its intention to establish an office in Turkey in the coming months. Hong Fang, the President of OKX, noted this expansion drive demonstrates the company’s shift from a trust-based system to a trustless one that empowers users to assume control over their financial future.
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