In a recent move, OKEx, the worldโs second-largest cryptocurrency exchange by trading volume, applied for a DASP license in France.
OKX would fully comply with the French regulatory framework once it obtains the DASP license and registers with the Autoritรฉ des Marchรฉs Financiers (AMF). OKX will be able to provide its portfolio of services to local consumers if it obtains the license.
OKXโs head of global government relations, Tim Byun, recently discussed the advantages of the French DASP law, which creates a transparent and safe regulatory environment for DASPs.
Byun said numerous other cryptocurrency exchanges had secured DASP licenses from the French government, including Binance, a competitor.
The action is timed to coincide with the July 2024 implementation of the European Unionโs Markets in Crypto-Assets (MiCA) law. While the law has been criticized in parts, it is still a significant step forward in putting the European cryptocurrency sector under a uniform set of rules.
Byun emphasized the significance of OKXโs license application, saying that it shows the companyโs dedication to new regulatory frameworks and readiness for the eventual rollout of MiCA throughout the European Union.
OKX wants to recruit about 100 workers over the next three years as part of its growth in the French market. The companyโs choice to increase its human resource budget indicates its willingness to spend money into the local economy.
OKX President Hong Fang has spoken positively about the companyโs upcoming expansion into France, stressing the importance of OKXโs continued cooperation with European authorities.
