Cryptocurrency exchange OKX has applied for regulatory approval in France. It plans to establish its European headquarters in Paris, making it the latest crypto firm to choose the French capital as its base on the continent.
Cryptocurrency Exchange OKX's European Headquarters Becomes France
In a statement made today, it was stated that the platform wants to register with France's Autorité des Marchés Financiers as a digital asset service provider (DASP).
A spokesperson for the company said that Seychelles-based OKX plans to hire about 10 people over the next six months. The representative added that the company aims to reach around 100 employees in France over the next three years.
President Emmanuel Macron's Circle Internet Financial Ltd. with Crypto.com and Binance Holdings Ltd. France has become a hotspot for crypto startups in recent months as it embraces the industry, which has encouraged companies like the likes to make Paris their European base.
All crypto businesses wishing to operate within the European Union must register in one of its member states before January 2025, when the new regulation known as MiCA will take effect.
Hong Fang, chairman of OKX, said he thought the firm's presence in France was "very important" in its dealings with European regulators.
The move was welcomed by French Digital Minister Jean-Noel Barrot, who said in a statement that OKX's decision is "proof" of the government's policies on cryptoassets.
*Not investment advice.