OKX has filed an application to become a DASP in France and plans to hire 100 people there in the next three years.
OKX, a Seychelles-based crypto exchange, has set its sights on France as a strategic base in Europe.
The company has applied to become a Digital Asset Service Provider (DASP) in the country and aims to hire around 100 full-time employees there by 2026.
Tim Byun, the company’s head of global government relations, stated that OKX intends to join the 74 other crypto companies that have obtained regulatory approval from the French Financial Markets Authority (AMF).
He added that OKX plans to have a “substantial” physical presence in France, the second-largest European Union (EU) economy.
OKX is one of many exchanges choosing to operate in France.
Binance also registered as a DASP in France earlier this year and has hired about 150 people for its Paris office, according to its founder Changpeng “CZ” Zhao.
Byun said that he expects the registration process to take up to six months and requires ensuring compliance with anti-money laundering standards and having reputable management.
He is optimistic about OKX’s prospects in France and expects to hire 30 people in the first year.
OKX’s move comes when the EU prepares to implement its Markets in Crypto Assets (MiCA) regulation, which was unanimously approved by all 27 member states this month.
The MiCA regulation will establish a harmonized framework for crypto firms to operate across the EU and impose stricter governance, consumer protection, and financial stability rules.
In addition, the AMF has proposed that existing registered firms in France could be fast-tracked for MiCA licensing, which means that OKX could benefit from more streamlined regulation as it expands its business.
OKX is making a smart move by establishing a foothold in France as a means to tap into the European market and leverage its regulatory advantages.
