The well-known centralized crypto exchange OKX has recently disclosed that the company has applied to get regulatory authorization in France. The platform is considered to be a prominent player within the Web3 sector along with being ranked at 2nd place among the crypto exchanges in terms of trading volume.
OKX Attempts to Have Regulatory Authorization in France for Offering Crypto Services
Today, the firm declared that it applied within the French jurisdiction to offer services as a licensed Digital Asset Service Provider (DASP). France has stringent requirements related to crypto exchanges. The well-known agencies responsible for the implementation of the respective requirements include the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Autorité des Marchés Financiers (AMF).
The decision taken by the crypto exchange to be licensed under the AMF has taken place after the firm included OKX France which was witnessed back in April. The latest move also indicates the platform’s devotion to enhancing its presence within the European jurisdiction as France is considered to be a crucial region in terms of crypto.
Getting a license under the AMF will let the crypto exchange provide a package of services and products to its consumers within France. These things will be offered in complete compliance with regional regulations. Tim Byun, the Head of Global Government Relations at OKX, also commented on this move. He stated that the DASP regulation of France offers a secure and clear regulatory agenda for entities providing services related to digital assets.
In addition to the increasing number of licensed DASPs operating within the country, OKX attempts to enhance the financial ecosystem in Finance safely. For the crypto exchange, the latest application denotes a great opportunity to display its commitment to back exclusive regulatory agendas and to make a strategy for the future. Along with this, the highly anticipated MiCA regulation is also going to be implemented in the next year within the whole EU.
France Turns Out to Be a Financial Hub Backing OKX
Other than offering a transparent and resilient regulatory agenda, France has turned into a crypto hub for OKX in Europe with its professional crypto traders and enthusiasts. France additionally has the availability of a highly competent workforce that is necessary for the development of OKX. Back in March of this year, the crypto exchange declared to apply for offering its services in Hong Kong.
