OKX, a popular cryptocurrency exchange, has chosen France as its regional hub. The exchange is planning to hire around 100 people in the next three years. This move comes as the company seeks regulatory approval to operate in France. OKX has applied for a Digital Asset Service Provider (DASP) license to operate in the country. The DASP registration is necessary for the exchange to legally offer its services in France.
The decision to choose France as its European regional hub is not surprising. The country has been making efforts to establish itself as a hub for fintech and crypto companies. The French regulator, the Autorité des marchés financiers (AMF), has been actively encouraging crypto firms to set up shop in the country. The AMF has been granting DASP certification to companies that comply with its regulatory framework.
OKX's move to establish a presence in France is part of a larger trend of crypto firms looking to expand their operations in Europe. The European Union recently passed the Markets in Crypto Assets (MiCA) regulation, which aims to establish a harmonized regulatory framework for crypto assets across the EU. The regulation provides a clear legal framework for crypto companies to operate in the EU, which is likely to encourage more companies to set up operations in the region.
Overall, OKX's decision to choose France as its European regional hub is a smart move. The country has been actively encouraging fintech and crypto companies to set up shop, and the regulatory environment is relatively favorable. Additionally, the EU's recent regulation of crypto assets provides a clear legal framework for companies to operate in the region. As more companies look to expand their operations in Europe, it is likely that France will continue to attract a significant share of the crypto industry.
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