- The corporation wants to set up a “substantial” physical presence in France as per Tim.
- According to Byun, filing paperwork might take up to six months.
OKX, a cryptocurrency exchange, aims to recruit about 100 staff in France over the next three years as it seeks to join the 74 other firms that have been granted regulatory authorization by France’s Financial Markets Authority (AMF).
The Seychelles-based company has applied for Digital Asset Service Provider (DASP) status with the relevant authorities. According to Tim Byun, the business’s director of worldwide government relations, the corporation wants to set up a “substantial” physical presence in France.
Eyeing EU Expansion
It’s not the only crypto trading platform eyeing the EU’s second-biggest economy as a potential location. After registering with the DASP, Binance decided to set up shop in France as its EU center last year.
According to CEO and founder Changpeng “CZ” Zhao, the biggest cryptocurrency exchange in the world has employed over 150 individuals for its Paris headquarters by the end of the month of September. According to an interview given by Byun, the company hopes to have 100 full-time workers within three years.
Moreover, according to Byun, filing paperwork might take up to six months. Companies seeking registration must demonstrate they have trustworthy leadership and are in compliance with anti-money laundering regulations.
The European Union’s (EU) Markets in Crypto Assets (MiCA) law was passed by all 27 member states earlier this month. Thus, making it simpler for crypto businesses to get clearance in a single nation. And then expand their operations to the rest of the EU.
The AMF proposed stricter regulations on governance, consumer protection, and financial stability for MiCA-licensed enterprises last month, suggesting that firms already registered in France may be fast-tracked to licensing.
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