OKX crypto exchange applies for license in France

The cryptocurrency exchange OKX announced that it has applied for the status of a registered Digital Asset Service Provider (DASP) in France.

?? We’re thrilled to announce that #OKX has chosen France as our European hub & are seeking regulatory approval. ?

?️ Together with the vibrant French community, we aim to foster dynamic partnerships & bring groundbreaking projects to life. ?

More ? https://t.co/KrPW89TXHO pic.twitter.com/lWk28ELPWx

— OKX (@okx) May 23, 2023

The decision to seek registration with the French Financial Markets Authority (AMF) followed the April opening of OKX France.

The AMF license will allow OKX to offer clients a range of products and services in full compliance with local regulations. The exchange also plans further work as the MiCA rules come into force in the EU.

OKX noted that France is an important crypto hub thanks to a high concentration of industry enthusiasts, experienced traders and a skilled workforce.

“France’s DASP regulation provides a clear and safe regulatory framework. Coupled with the growth in the number of registered crypto companies in the country, OKX hopes for safe and rational development of the local ecosystem,” said Tim Byun, head of the Government Relations department at the company.

In March, OKX said it would apply for the license to provide virtual asset services in Hong Kong.

The exchange has regulatory approval in Bermuda and a preliminary license from the Dubai Virtual Asset Regulatory Authority.

Earlier in May, OKX announced the opening of a unit in Turkey.