- OKX targets France as its regional hub in Europe with plans to hire 100 people within 3 years.
- France has become the top destination for crypto exchanges in the EU.
- Regulatory environment in France is becoming favourable for crypto firms.
OKX has decided to target France as a regional hub in Europe with ambitious plans to hire around 100 people there in the next three years.
The Seychelles-based firm is looking to join the 74 other companies that have so far won regulatory approval from the country’s Financial Markets Authority (AMF). To achieve this, it has filed an application to become registered as a Digital Asset Service Provider (DASP) and plans to establish a “substantial” physical presence in France, according to the company’s head of global government relations, Tim Byun.
While OKX is not the only crypto exchange seeking a base in the European Union’s second-largest economy, it does seem to be in good company. France has emerged as the destination of choice for Binance as a European Union (EU) hub following its DASP registration. It is now the world’s largest crypto exchange and had hired around 150 people for its Paris office by September, according to founder Changpeng “CZ” Zhao.
Byun is optimistic about OKX’s prospects in France and has set a target of hiring 100 full-time employees within three years. “I think in the first year, we forecast [hiring] about 30 colleagues,” he said in an interview. However, the registration process is expected to take up to six months and involves checks to ensure that companies comply with money laundering standards and have reputable management.
With the EU’s Markets in Crypto Assets (MiCA) regulation unanimously approved by the 27 member states earlier this month, it should be easier for crypto firms who have obtained approval in one country to operate across the whole bloc. This is good news for firms like OKX, who will benefit from more streamlined regulation as they expand their operations.
The AMF has suggested that existing registered firms in France could be fast-tracked to MiCA licensing, which includes tougher rules on governance, consumer-protection, and financial-stability. In other words, the regulatory environment in France is becoming more favorable to crypto firms and OKX is smart to establish a physical presence there.
OKX‘s decision to target France as a regional hub in Europe is a smart move. By establishing a physical presence in the country and obtaining regulatory approval, the company will be better positioned to expand its operations across the continent. While the registration process may take up to six months, the long-term benefits of operating in France are clear.
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