- OKX has submitted an application to become a Registered Digital Asset Provider (DASP) in France.
- The AMF and ACPR set strict requirements that DASPs operating in France must comply with.
- OKX incorporated OKX France in April.
One month after OKX founded OKX France, the cryptocurrency exchange announced today that it has applied for regulatory approval in France.
OKX is currently the second largest cryptocurrency exchange by trading volume and a leader in Web3 technology. Registered as a Digital Asset Service Provider (DASP), the exchange is evaluated against strict requirements set by the Financial Markets Authority (AMF) and the Regulatory Authority (ACPR).
OKX Offers a Range of Products and Services in France
If the registration is granted, OKX will offer French citizens a range of services and products in accordance with local regulations.
France is known for its sound and transparent regulatory framework, positioning the country as a European hub for cryptocurrency enthusiasts and experienced traders alike, making it the perfect market for OKX to leverage.
Commenting on the move, Tim Byung, Head of Global Government Relations at OKX, said:
“The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers. Coupled with the increasing number of registered DASPs in France, OKX will grow the French ecosystem in a safe and healthy way.” For OKX, this application demonstrates our commitment to support the new regulatory framework, as well as a major milestone in planning for the future with the implementation of MiCA across the European Union in 2024. It will be an opportunity.”
OKX is taking steps to strengthen its international compliance. In March, the cryptocurrency exchange announced it was applying for a virtual asset service provider license in Hong Kong. It is currently licensed in the Bahamas and has a provisional license from VARA in Dubai. However, it recently announced that it would cease operations in Canada.