OKX cryptocurrency exchange seeks regulatory approval in France.
Paris, France, May 23rd, 2023, Chainwire
OKX, the world's second-largest cryptocurrency exchange, has applied to become a registered Digital Asset Service Provider (DASP) in France. This move follows the establishment of OKX France in April and shows the company's commitment to expanding its European presence, with France as a key center. Becoming registered with the Autorité des Marchés Financiers (AMF) will allow OKX to offer a range of products and services to customers in France while complying with local regulations.
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OKX Head of Global Government Relations Tim Byun said, "The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers. Coupled with the growing number of registered DASPs in France, OKX looks forward to growing the French ecosystem in a safe and sound manner. For OKX, this application is a huge opportunity to demonstrate our commitment to support new regulatory frameworks as well as to plan for the future with MiCA coming onboard in 2024 for the entire European Union."
France's crypto-friendly environment, skilled workforce, and large community of crypto enthusiasts and experienced traders make it the ideal European hub for OKX's development.
Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial and Digital Sovereignty, in charge of Digital Transition and Telecommunications said. "We are delighted that OKX selects France for expanding its operations in Europe. This decision confirms France's aspirations to become a key player in Web3 technologies, a vision that has been championed by President Macron and Minister Bruno Le Maire since 2017. French authorities' deep expertise and experience in the crypto-asset sector enable OKX to benefit from a consistent and robust approach, throughout its licensing process and beyond. OKX's decision is a testament to the success of the French government's policies aimed at nurturing a resilient and secure innovative crypto-asset sector. We are more convinced than ever that France has all the necessary elements to become a worldwide leader in Web 3 innovation and digital economy.”
OKX recognizes the importance of compliance, regulation, and transparency in the crypto industry and has taken various measures to ensure compliance. These include expanding its compliance team and actively combating fraud and ransomware. OKX is also committed to exceeding market standards and achieving real-time, trustless verification of reserves, liabilities, and solvency. In addition to its current licenses in the Bahamas and Dubai, OKX has applied for virtual asset service provider licenses in Hong Kong. OKX cryptocurrency exchange seeks regulatory approval in France.
Hong Fang, OKX President said: "Our dedication lies in broadening our reach and involvement with European regulators, and we consider our operations in France to be crucial in this endeavour. We are excited to maintain our collaboration with the AMF as we extend the use of our product portfolio in France, presenting individuals and businesses with a secure and efficient approach to exchanging value. As a Web3 leading company, we are looking forward to introducing French people to all the amazing projects we are working on."
OKX is a leading Web3 technology company and the world's second-largest crypto exchange by trading volume, trusted by over 50 million users. It offers fast and reliable trading for investors and professional traders and provides self-custody solutions such as the Web3-compatible OKX Wallet, which allows users greater control of their assets and access to various dApps. OKX partners with top brands and athletes, including Manchester City F.C., McLaren, Tribeca Festival, Ian Poulter, Scotty James, and Daniel Ricciardo. The company is committed to transparency and security and publishes its Proof of Reserves monthly.
To learn more about OKX, download our app or visit: okx.com
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