OKX applies to French regulators to become a qualified digital asset service provider
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OKX applies to French regulators to become a qualified digital asset service provider
OKX is able to offer French users a range of products and services compliant with local regulatory requirements.
Navigating Web3 tides with focused insightsOn May 23, 2023, OKX, the world’s second-largest digital asset exchange by trading volume and a leading Web3 technology company, announced it has submitted an application to register as a Digital Assets Service Provider (DASP) with the French Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR), in compliance with France’s stringent regulatory requirements.
Following the establishment of its French entity in April, OKX decided to apply for DASP status with the AMF. As a key European hub, this move underscores OKX's commitment to expanding its presence across Europe. Once approved by the AMF, OKX will be authorized to offer a range of products and services compliant with local regulations to users in France.
Tim Byun, Head of Global Government Relations at OKX, said: “France has established a clear and robust regulatory framework for digital asset service providers. With an increasing number of registered DASPs in the country, OKX looks forward to contributing to the development of a secure and resilient ecosystem in France. This application also reflects our support for new regulatory frameworks and our readiness to fully comply with the EU’s Markets in Crypto-Assets Regulation (MiCA), set to take effect in 2024.”
Beyond its effective regulatory environment, France is poised to become a strategic hub for OKX in Europe, thanks to its vibrant community of passionate crypto enthusiasts, experienced traders, and high-caliber talent—key elements aligning with OKX’s vision for growth in the European market.
Jean-Noël Barrot, French Minister Delegate for Digital Transition and Telecommunications under the Ministry of Economy, Finance, Industry, and Digital Sovereignty, said: “We are very pleased that OKX has chosen France as the starting point for its European expansion. OKX’s decision reinforces France’s position as a leading nation in developing Web3 technologies—a vision championed since 2017 by President Emmanuel Macron and Minister Bruno Le Maire. France’s regulators have developed deep expertise and extensive experience in digital assets, enabling companies like OKX to benefit from a consistent and solid regulatory framework throughout the registration process and beyond. Our policies are designed to foster a secure and stable environment for innovation in the crypto industry, and OKX’s choice validates the success of this approach. We firmly believe that France possesses all the necessary conditions to lead global innovation in Web3 and the digital economy.”
Compliance, regulation, and transparency are critical success factors for the digital asset and blockchain industry. Over the years, OKX has implemented comprehensive measures to ensure compliance, including building an international compliance team and taking proactive steps to prevent fraud and ransomware activities. To enhance transparency, OKX continuously improves its practices, implementing measures exceeding industry standards to enable real-time verification of the exchange’s reserves, liabilities, and solvency—without relying on third parties.
In March this year, OKX announced its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. OKX has already obtained formal registration for digital asset operations in The Bahamas and holds a provisional license issued by Dubai’s Virtual Assets Regulatory Authority (VARA).
Hong Fang, President of OKX, said: “We are committed to expanding our footprint and working closely with European regulators. The French market will play a vital role in OKX’s long-term development. We are excited to collaborate with the AMF as we expand our product offerings in France, delivering safe and efficient trading solutions for users and businesses alike. As a leader in Web3, we look forward to introducing several innovative projects developed by OKX to the French market.”
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