A recent report from the Seychelles-based crypto exchange OKX revealed that the firm is seeking to acquire the Digital Asset Service Provider (DASP) permit to pursue the French market. According to the OKX report, the firm plans to establish its regional hub in France.
The Financial Market Authority (AMF) recently approved permits for 74 companies seeking to acquire the French DASP license. OKX plans to join other crypto firms which have broadened their market presence to the regions.
OKX Expands to France
A report from the OKX head of international government relations, Tim Byun, revealed that the crypto exchange plans to explore the French market. He added that the crypto exchange would increase its workforce by recruiting 100 employees in three years.
The suitability of the French market, which ranks as the second largest economy in the EU, had inspired firms to expand to the region. In 2022 the Binance team entered France to create the leading EU hub in the region. The Binance implicit move has created employment opportunities for over 150 employees.
Before the launch of the Binance Paris office, the crypto exchange prioritized complying with the DASP requirements.
In an interview, Byun revealed that OKX plans to recruit 30 professionals from France in the first year. He confirmed that the crypto exchange would increase its workforce by hiring roughly 100 employees in the next three years.
Byun mentioned that the crypto exchange has already started the registration process, which might take six months. At the primary registration process, the AMF official examines whether the company meets the global anti-money laundering requirements.
Examining the Suitability of the French Market
Also, AMF officials are keen to check the firm’s internal operations to evaluate whether management practices uphold conformity. Recently the EU launched the market in crypto assets (MICA), green-lighted by 27 member states.
Elsewhere the French minister of economy and finance, Jean-Noël Barrot, expressed his delight after OKX revealed plans to expand to France. Barrot argued that the presence of OKX in the region supports the country’s objective in exploring Web3.
In 2017 President Macron and his ally Minister Bruno Le Marie demonstrated their commitment to stimulating the growth of Web3 technology in France. Notably, the friendly crypto environment in the French market will aim at providing the user with endless opportunities.
The French regulators plan to use the OKX to experiment with whether the new regulations would bear the desired results. The regulators developed a resilient and secure crypto industry a few months ago to attract foreign investors.
After the engagement, the regulators explored strategies to support compliance and transparency in the crypto sector. Notably, the attempt to comply with the global regulatory requirements compelled the OKX team to increase its workforce to enable the crypto exchange to meet international regulations.